TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited have decided to submit a binding offer to acquire majority stake in FINCA Microfinance Bank Limited, TPL informed the main bourse on Monday.

‘In continuation to our earlier announcement dated December 19, 2023, we are pleased to announce that the Board of Directors of the Company have granted its approval to submit a binding offer to acquire majority shareholding in FINCA Microfinance Bank Limited (‘Bank’) along with Abhi (Private) Limited (‘Transaction’),’ the stock filing stated.

TPL said the transaction will remain subject to obtaining all necessary corporate and regulatory approvals required under applicable laws including but not limited to the approval of the State Bank of Pakistan, Competition Commission of Pakistan, and Securities and Exchange Commission of Pakistan and subsequently entering into definitive documentation.

TPL shall keep the PSX apprised of all further developments in the said transaction, the filing added.

The principal activ
ity of TPL Corp is to make investments in groups and other companies.

Source: Pro Pakistani