Karachi: Crescent Star Insurance Limited (CSIL) has addressed concerns regarding its recent investment in Tri-Star Power Ltd. (TSPL), amounting to a 14.70% stake. The company issued a statement on February 7, 2025, following a letter dated February 3, 2025, which questioned the motives behind this investment. CSIL emphasized its obligation as a publicly listed entity to adhere to disclosure requirements under Section 110(1) of the Securities Act 2017, asserting that the investment was made to comply with these legal stipulations.

In response to allegations of acting in concert with other parties, CSIL refuted any such involvement, stating that it neither collaborates with nor has connections to any individual or entity involved in prior takeover attempts of TSPL. Furthermore, while acknowledging the existence of a court order mentioned in the letter, CSIL clarified that the order pertains solely to a change in management. The company highlighted that there are no legal restrictions preventing the purchase of TSPL shares, which continue to be openly traded on the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), CSIL's declaration of its investment in TSPL is a routine requirement for transparency and providing necessary information to the shareholders of both companies. The move aligns with CSIL's broader investment strategy, which involves investing in and trading securities of listed companies. The company reiterated that its stake in TSPL is part of this strategic approach to investment.

CSIL's statement serves to reassure stakeholders and the market category of its compliance with legal obligations and dedication to maintaining transparency in its operations.