TPL Life Insurance Limited has inked an agreement to explore the possibility of a potential merger with Dar Es Salam Textile Mills Limited, TPL Corp (PSX: TPL) informed the Pakistan Stock Exchange on Tuesday.
“TPL Life Insurance Limited (“TPL Life”), a subsidiary of TPL Corp Limited (“Company”), has entered into a Memorandum of Understanding (“MOU”) with Dar Es Salam Textile Mills Limited (“DSML”), pursuant to which the parties will explore the possibility of and enter into discussions and negotiations for a potential merger of TPL Life and DSML, by way of a scheme of arrangement (“Proposed Transaction”),” the filing stated.
The filing further said, “The Proposed Transaction is subject to finalization of deal terms, transaction documents and obtaining of all requisite corporate and regulatory approvals, consents and authorizations being obtained by both DSML and TPL Life”.
“We shall keep our shareholders updated with respect to this transaction by making further announcements as and when the transaction progresses,” it added.
TPL Life Insurance Limited aims to provide life and health insurance products to cater to the divergent needs of the local population. TPL Life offers a wide range of Health and Life Insurance solutions for individuals, small to large corporates, and the microfinance segment.