KARACHI: PICIC Insurance Limited has announced that it is moving forward with the implementation of a court-approved Scheme of Arrangement that will merge Crescent Star Foods (Private) Limited into the company, marking a significant step in its corporate restructuring and future growth strategy.
In a material information notice submitted to the Pakistan Stock Exchange (PSX), the company stated that the Honorable Sindh High Court, through its order dated April 16, 2026, approved the modified Scheme of Arrangement in J.C. Misc. No. 45 of 2017. The merger remains subject to the completion of all legal and procedural formalities.
As part of the implementation process, PICIC Insurance will issue and allot approximately 7.9 billion new ordinary shares in accordance with the terms approved by the court. The share issuance represents a key component of the merger transaction.
Following the completion of the Scheme of Arrangement, Crescent Star Insurance Limited is expected to become the controlling shareholder of PICIC Insurance Limited. The company will subsequently operate as part of the broader Crescent Star group structure, strengthening its ownership framework and strategic positioning.
PICIC Insurance noted that the implementation remains contingent upon obtaining all required regulatory approvals and fulfilling procedural and corporate requirements. These include compliance with the Pakistan Stock Exchange, the Securities and Exchange Commission of Pakistan (SECP), the Central Depository Company of Pakistan Limited (CDC), and other relevant authorities where applicable.
The company further stated that its management is actively working to complete the implementation process while evaluating strategic business opportunities aimed at supporting the company’s future growth and development. It also reaffirmed its commitment to keeping shareholders and the market informed of any further material developments as the process progresses.
