The Board of Directors of PICIC Insurance Limited on Wednesday appoved the company's merger with and into Crescent Star Insurance Limited (CSIL), said a stock filing. The Board approved the Scheme of Arrangement under Sections 284 to 288 of the Companies Ordinance, 1984, said company's secretray Afroz quraishi.
He said the Board cleared the draft of the scheme, subject to any changes and modifications as may be required by the shareholders of the merger parties and/or the High Court of Sindh and such amendments as may be considered necessary without affecting the substance thereof and the swap ratio of one share of CSIL for every four shares of PICIC held by each of the shareholders of the company as defined in the scheme, as supported by the calculations done by Muniff Ziauddin & Co, Chartered Accountants.
The scheme is subject to obtaining all necessary shareholders' and regulatory approvals and the sanction of the scheme by the High Court of Sindh, along with fulfilment of related legal formalities.