PICIC Insurance Limited has formally implemented a court-approved Scheme of Arrangement following the sanction of the merger between PICIC Insurance Limited and Crescent Star Foods (Private) Limited.
The merger was approved by the High Court of Sindh, Karachi, under the provisions of the Companies Act, 2017. The Court’s order authorizes the amalgamation of Crescent Star Foods (Private) Limited with PICIC Insurance Limited and permits the implementation of the modified Scheme of Arrangement submitted by the petitioners.
According to the Court’s findings, all legal requirements and procedural formalities related to the merger were fulfilled. The Securities and Exchange Commission of Pakistan (SECP) confirmed that there was no legal provision preventing the proposed merger, while objections raised during the proceedings were subsequently resolved.
The Court noted that the merger aligns with the applicable provisions of the Companies Act, 2017, and approved the Scheme of Arrangement subject to compliance with all remaining statutory requirements and formalities.
Following the Court’s sanction, PICIC Insurance Limited has initiated the implementation of the approved scheme, including the related share issuance process in accordance with the terms set out in the Scheme of Arrangement.
The merger represents an important corporate milestone for PICIC Insurance Limited and is expected to support the company’s long-term strategic objectives by streamlining its corporate structure and enhancing operational efficiency.
PICIC Insurance remains committed to maintaining transparency and compliance with all regulatory requirements while creating sustainable value for its shareholders and stakeholders.
For further information, investors and stakeholders may refer to the certified court order and official disclosures submitted to the Pakistan Stock Exchange.
