VEON Group Holding Company Ltd, a subsidiary of Nasdaq-listed VEON Ltd, has announced its intention to acquire shares and management control in TPL Insurance Limited (PSX: TPLI), signaling a potential entry into Pakistan’s insurance sector.
The development was shared by TPL Insurance in a notice to the Pakistan Stock Exchange (PSX) on Thursday.
As per the public announcement of intention, the transaction remains subject to regulatory approvals, including clearance under the fit and proper criteria from the relevant authorities.
VEON has not yet disclosed the number of shares or the purchase price, noting that the deal is contingent on due diligence and the signing of definitive agreements.
If the acquisition goes through, VEON will be required to make a public offer for at least 50% of TPL Insurance’s remaining voting shares.
Currently, TPL Corp Limited holds the largest stake in TPL Insurance at 52.87%, followed by the Finnish Fund for Industrial Cooperation Ltd with 17.02% and Entwicklungsgesellschaft MBH with 15.87%. The insurer’s paid-up capital stands at 198.39 million shares.
Read More: KP Police to Go Digital for Better Service
Financially, TPL Insurance reported total assets of Rs8.46 billion as of June 30, 2025, with shareholders’ equity of Rs. 2.68 billion. The company posted a loss of Rs. 12 million in the first half of 2025, compared to a profit of Rs. 72 million in the same period last year.
It is pertinent to mention here that in Pakistan, VEON Group maintains a strong presence through Pakistan Mobile Communications Limited (Jazz).
Read more: TPL Corp Board Greenlights VEON Group’s Acquisition of TPL Insurance
