VEON-owned Jazz International Holding to acquire controlling stake in TPL Insurance
- VEON Group remains the ultimate beneficial owner
Jazz International Holding Limited has been confirmed as the new acquirer of shares and control of TPL Insurance Limited, replacing the previously announced VEON Group Holding Company Ltd and its affiliates.
The development was disclosed by Arif Habib Limited (AHL), acting as the manager to the offer, via an addendum to a public announcement of intention, to the Pakistan Stock Exchange (PSX) on Tuesday.
“The acquirer has been confirmed as Jazz International Holding Limited, replacing VEON Group Holding Company Ltd and/or its affiliated entities for acquisition of shares and control of the target company with Pakistan Mobile Communications Limited, as persons acting in concert (РАС).”
Earlier in September, the Board of Directors (BoD) of TPL Corp Limited granted its in-principle approval for VEON Group Holding Company Ltd, a subsidiary of the Nasdaq-listed VEON Ltd, to acquire shares and control in its subsidiary, TPL Insurance Limited.
It is pertinent to mention that Jazz International Holding Limited is a subsidiary of VEON Ltd. Therefore, VEON Group remains the ultimate beneficial owner.
TPL Corp Limited is the majority shareholder in TPL Insurance with a 52.87% stake, followed by the Finnish Fund for Industrial Cooperation Ltd with 17.02%, and Entwicklungsgesellschaft MBH with 15.87%.
The insurer has a paid-up capital of 198.39 million shares.
Sharing its financial details, TPL Insurance reported total assets of Rs8.46 billion as of June 30, 2025, with shareholders’ equity standing at Rs2.68 billion. The company posted a loss of Rs12 million in the first half of 2025, compared to a profit of Rs72 million in 2024.
VEON Group, headquartered in Dubai, operates across five countries, including Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.
In Pakistan, VEON Group has a strong operational footprint through Pakistan Mobile Communications Limited (operating under the brand Jazz), the country’s leading mobile operator, with over 70 million subscribers.
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