PICIC Insurance Gets Court Approval for Crescent Star Foods Merger

KARACHI — PICIC Insurance Limited has announced that the Sindh High Court has approved the Modified Scheme of Arrangement for the merger of Crescent Star Foods (Pvt) Ltd with and into PICIC Insurance Limited.

According to the company’s disclosure dated April 17, 2026, the court approved the scheme through an order dated April 16, 2026, under the relevant provisions of the Companies Act, 2017. The development represents an important step toward completing the proposed merger.

Under the approved arrangement, Crescent Star Foods (Pvt) Ltd will be merged into PICIC Insurance Ltd, which will remain the surviving entity. As part of the share-swap arrangement, PICIC Insurance will issue 7,907,794 new ordinary shares to the shareholders of Crescent Star Foods.

Following completion of the merger, all assets, liabilities, rights and obligations of Crescent Star Foods will vest in and be assumed by PICIC Insurance Limited.

The company noted that implementation of the scheme remains subject to the completion of regulatory and procedural requirements. These include filing a certified copy of the court order with the Registrar of Companies, obtaining necessary corporate approvals and completing share issuance formalities, including the credit of shares into the respective CDC accounts.

PICIC Insurance described the development as a significant milestone in its strategic transformation. The company expects the transaction to support the expansion of its business footprint and enhance shareholder value.

Further updates regarding the implementation of the merger will be communicated to the Pakistan Stock Exchange in due course.

Key Takeaways

  • Sindh High Court approved the Modified Scheme of Arrangement.

  • Crescent Star Foods (Pvt) Ltd will merge into PICIC Insurance Ltd.

  • PICIC Insurance will remain the surviving entity.

  • 7.91 million new PICIC Insurance ordinary shares are to be issued to Crescent Star Foods shareholders.

  • The merger remains subject to completion of regulatory, corporate and procedural formalities.