KARACHI: Crescent Star Insurance Limited (CSIL) has announced that the Scheme of Arrangement for the merger of Crescent Star Foods (Private) Limited into PICIC Insurance Limited has received formal approval from the High Court of Sindh, marking a significant milestone in the company’s corporate restructuring plans.
In a material information notice submitted to the Pakistan Stock Exchange (PSX), the company stated that the court sanctioned the merger through an order dated April 16, 2026. The approval has been granted subject to the fulfillment of all applicable legal requirements and regulatory formalities.
As part of the approved arrangement, approximately 7.9 billion ordinary shares of PICIC Insurance Limited will be issued and allotted in accordance with the approved terms. Following the implementation of the scheme, PICIC Insurance is expected to become a subsidiary within the Crescent Star group, while Crescent Star Insurance Limited will assume a controlling shareholding position.
The company clarified that the transaction is not yet complete and remains contingent upon the completion of various procedural, regulatory, and corporate action requirements. These include necessary filings, approvals, compliance formalities, and payment of applicable statutory and administrative fees to relevant authorities, including the Pakistan Stock Exchange, the Securities and Exchange Commission of Pakistan (SECP), the Central Depository Company of Pakistan (CDC), and other concerned institutions where applicable.
CSIL further disclosed that the management teams of both Crescent Star Insurance and PICIC Insurance are evaluating strategic proposals and business opportunities aimed at effectively utilizing the PICIC platform. The initiative is intended to enhance long-term shareholder value while supporting sustainable business growth.
The company emphasized that the merger remains subject to the successful completion of all implementation steps and receipt of any remaining regulatory approvals and consents. It also assured shareholders that they will continue to be informed of any further material developments in accordance with applicable legal and regulatory requirements.
