The Board of Directors of TPL Trakker Limited has approved sale of 33 percent shareholding in TPL Direct Insurance Limited to Greenoaks Global Holdings Ltd formerly Roosewood Insurance Group. TPL Direct Insurance is owned by TPL Trakker Limited and the BoD has approved sale of 15.18 million shares at a price of Rs30 per share, approximately PKR 455 million.
In August this year, Rosewood Insurance Group of Switzerland had expressed intention to acquire stakes in TPL Direct Insurance through a tender offer along with control of the company.Rosewood had appointed United Bank Limited (UBL) as financial advisor for the purpose.
TPL Direct Insurance Ltd (TDI), a subsidiary of TPL Holdings (Pvt.) Ltd. was launched in 2005. As of March 31, 2014, the Company’s gross premium underwritten stood at Rs312.16 million while the company’s net profit stood at Rs10.19 million. TPL Direct Insurance’s scrip was trading at Rs25.19 as on Friday.
Rosewood Insurance Group AG is an insurance venture based in Zurich, Switzerland wholly-owned by Greenoaks Global Holdings Ltd.
Source: News Recorder
