Islamabad, Apr 4, 2025: Crescent Star Insurance Limited (PSX: CSIL) has strongly countered allegations made by a member of the Pakistan Stock Exchange (PSX), who accused the company of engaging in price manipulation and unethical market activities.
In a letter addressed to the PSX on Friday, the company firmly rejected these accusations, highlighting that they were unfounded.
The insurance provider referred to its earlier disclosure on January 27, 2025, a routine compliance procedure, and clarified that the filing was not part of any “malicious intent,” but a mandatory report triggered when an investor acquires more than 10 percent of the voting rights in a company.
Crescent Star also reaffirmed its position in a follow-up letter on February 7, 2025, reiterating that it had not coordinated with any other party and that its share purchases were strictly for investment purposes.
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As a publicly listed entity, the insurance firm stressed its commitment to upholding regulatory standards and acknowledged the Substantial Acquisition and Takeover Regulations, which govern acquisitions exceeding 30%.
The company also raised concerns about the failure of a PSX-listed firm to hold long-overdue elections for its directors, a matter they believe requires urgent attention.
Crescent Star Insurance has issued a warning that it will take legal action, including filing lawsuits for damages and defamation, against those responsible for the unfounded allegations.
The company has urged the relevant parties to stop making such claims and misusing PSX’s platforms for unsupported accusations.
