In a decisive corporate action, TPL Life Insurance Limited has signed a Memorandum of Understanding (MoU) with Dar Es Salam Textile Mills Limited to potentially pursue a merger.
This development was announced by TPL Corp, the parent company of TPL Life Insurance, in a filing to the Pakistan Stock Exchange (PSX) on Tuesday.
According to the notice, both parties “will explore the possibility of and engage in discussions and negotiations for a potential merger between TPL Life and DSML, using a scheme of arrangement.”
TPL Corp, primarily involved in making investments in group and other companies, mentioned that the proposed merger is contingent on finalizing deal terms, transaction documents, and obtaining all necessary corporate and regulatory approvals, consents, and authorizations from both DSML and TPL Life.
Dar Es Salam Textile Mill had Total assets of PKR 56mn at March-2023 end with no liabilities, while the company was Inoperative.
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