AIRLINK 58.74 Increased By ▲ 0.75 (1.29%)
BOP 6.20 Decreased By ▼ -0.02 (-0.32%)
CNERGY 3.95 Decreased By ▼ -0.10 (-2.47%)
DFML 16.08 Increased By ▲ 0.38 (2.42%)
DGKC 67.48 Decreased By ▼ -1.07 (-1.56%)
FCCL 17.59 Decreased By ▼ -0.16 (-0.9%)
FFBL 25.91 Increased By ▲ 0.16 (0.62%)
FFL 9.17 Decreased By ▼ -0.14 (-1.5%)
GGL 9.82 Increased By ▲ 0.08 (0.82%)
HBL 112.95 Increased By ▲ 1.15 (1.03%)
HUBC 114.99 Increased By ▲ 0.19 (0.17%)
HUMNL 6.58 Increased By ▲ 0.14 (2.17%)
KEL 4.20 Decreased By ▼ -0.10 (-2.33%)
KOSM 3.59 Increased By ▲ 0.01 (0.28%)
MLCF 37.35 Decreased By ▼ -0.05 (-0.13%)
OGDC 116.69 Decreased By ▼ -0.51 (-0.44%)
PAEL 22.74 Decreased By ▼ -0.16 (-0.7%)
PIAA 10.76 Decreased By ▼ -0.59 (-5.2%)
PIBTL 6.22 Increased By ▲ 0.55 (9.7%)
PPL 104.26 Decreased By ▼ -0.99 (-0.94%)
PRL 26.47 Decreased By ▼ -0.08 (-0.3%)
PTC 9.55 Decreased By ▼ -0.05 (-0.52%)
SEARL 52.00 Decreased By ▼ -1.34 (-2.51%)
SNGP 65.15 Increased By ▲ 0.16 (0.25%)
SSGC 10.93 Decreased By ▼ -0.01 (-0.09%)
TELE 7.26 Increased By ▲ 0.10 (1.4%)
TPLP 11.97 Increased By ▲ 0.10 (0.84%)
TRG 77.22 Increased By ▲ 4.51 (6.2%)
UNITY 20.44 Decreased By ▼ -0.29 (-1.4%)
WTL 1.29 Decreased By ▼ -0.02 (-1.53%)
BR100 6,332 Increased By 45.7 (0.73%)
BR30 21,614 Increased By 27.8 (0.13%)
KSE100 61,914 Increased By 355.2 (0.58%)
KSE30 20,851 Increased By 132.3 (0.64%)

The Board of Directors (BoD) of TPL Life Insurance and Dar Es Salam Textile Mills Limited have approved a scheme of arrangement for merger of the two companies.

The development was shared by TPL Corp, the parent company of TPL Life Insurance, in a filing to the Pakistan Stock Exchange (PSX) on Wednesday.

“This is to update that the respective BoDs of TPL Life and Dar Es Salam Textile Mills Limited (DSML) have approved the draft scheme of arrangement under Sections 279 to 283 and 285 of the Companies Act, 2017, for, inter alia, the merger, by way of amalgamation, of the entire business and undertaking of TPL Life (including all its assets, rights, liabilities and obligations) with and into DSML,” read the notice to the bourse.

Back in September, TPL Life Insurance Limited entered into a Memorandum of Understanding (MoU) with DSML to explore the possibility of a potential merger, TPL Corp shared in a notice to the bourse back then.

Meanwhile, TPL Corp in its notice on Wednesday informed that under terms of the scheme the name of DSML shall stand altered to ‘TPL Life Insurance Limited’, and the principal line of business shall be changed.

“As a consequence of the merger, DSML shall issue shares to the shareholders of TPL Life based on a swap ratio of 1 (one) ordinary share of DSML for every 1 (one) ordinary share of TPL Life held by its shareholders,” read the notice.

TPL Corp, which is principally engaged to make investments in group and other companies, shared that the said scheme is subject to the completion of necessary corporate and regulatory formalities, including TPL Life and DSML obtaining necessary shareholders’ and regulatory approvals (to the extent applicable) in accordance with applicable laws, and sanction of the scheme by the High Court of Sindh.

Meanwhile, DSML, which is involved in the business of manufacturing and selling yarn, remains on the defaulter list on PSX.

Comments

200 characters
Kazim Sultan Ali Nov 29, 2023 03:40pm
TPL Life and Textile merger? Can't understand, as both are differ field of business type.
thumb_up Recommended (0) reply Reply