April 20, 2026 (MLN): Jazz International Holding Limited has submitted a formal public offer to purchase up to 13,245,191 ordinary shares, representing 6.67% of the issued share capital  of TPL Insurance Limited, at an offer price of Rs30 per share.

The Dubai-based acquirer, acting in concert with JazzWorld Pakistan Limited (formerly Pakistan Mobile Communications Limited), filed the offer through its Manager, Arif Habib Limited, in accordance with the Securities Act, 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017.

The move follows a Share Purchase Agreement signed on March 5, 2026, between Jazz International and TPL Corporation Limited, the holding company of TPL Insurance for the acquisition of 53.81% of the total issued ordinary share capital, comprising 106,891,570 shares, also at Rs 30 per share.

Separately, Finnish Fund for Industrial Cooperation Limited (FinnFund) and Deutsche Investitions- und Entwicklungsgesellschaft MBH (DEG), holding 17% and 15.85% of the target company respectively, are being acquired through privately negotiated arrangements and will not form part of this public offer.

Under Section 111(c) of the Securities Act, 2015, the acquisition obligates Jazz International to offer to purchase at least 50% of the remaining voting shares of TPL Insurance, prompting the current public offer.

TPL Insurance's board stated it would keep shareholders informed of further developments as the transaction progresses.

The aforementioned was disseminated through a notification to Exchange. 

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