PIL moves to implement Crescent Star Foods merger, plans issuance of 7.9bn new shares
Mettis Global • • 1 min read
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PICIC Insurance Limited (PSX:PIL) has begun carrying out the merger of Crescent Star Foods (Private) Limited into the company, according to a filing with the PSX. The steps include issuing and allotting roughly 7.9bn new ordinary shares. Mettis Global reported this from the company's letter dated October 5, 2026.
The letter, addressed to the PSX's listed companies compliance department, noted that the Sindh High Court approved the modified arrangement through an order dated April 16, 2026. That approval still hinges on finishing all legal and procedural formalities. Share issuance will proceed in line with the approved terms, the filing showed.
Management said it is working hard to complete the process while also weighing strategic business options for future growth. The company has pledged to update shareholders and the bourse whenever further significant developments emerge.
At a glance
- PICIC Insurance is implementing a merger with Crescent Star Foods (Private) Limited.
- The plan includes issuing approximately 7.9bn new ordinary shares.
- The Sindh High Court approved the modified scheme on April 16, 2026, subject to formalities.
Originally reported by Mettis Global
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