September 5, 2023
The General Manager
Pakistan Stock Exchange Limited
Stock Exchange Building
Stock Exchange Road
Karachi
SUBJECT: | DISCLOSURE OF MATERIAL INFORMATION |
Dear Sir,
In accordance with Sections 96 and 131 of the Securities Act, 2015 and paragraph 5.6.1.(a) of the Rule Book of the Pakistan Stock Exchange Limited, we hereby convey the following information:
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 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.
You may please inform the Trading Right Entitlement Certificate Holders of PSX accordingly.
Yours faithfully,
Company Secretary
Encl: As above.
CC:
Director / HOD
Surveillance, Supervision and Enforcement Department
Securities & Exchange Commission of Pakistan
NIC Building, Jinnah Avenue, Blue Area,
Islamabad.
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TPL Corp Ltd. published this content on 05 September 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 05 September 2023 05:15:04 UTC.