Karachi: Crescent Star Insurance Limited (CSIL) announced a significant development on April 27, 2026, regarding its strategic expansion through a sanctioned merger. In a formal statement, the company revealed that the High Court of Sindh at Karachi approved the Scheme of Arrangement for the merger of Crescent Star Foods (Private) Limited with and into PICIC Insurance Limited. This decision, issued on April 16, 2026, is contingent upon the fulfillment of all legal and procedural requirements.

The merger plan, which involves issuing approximately 7.9 billion ordinary shares of PICIC Insurance Limited, positions PICIC as a subsidiary under the Crescent Star group’s structure. Consequently, CSIL is set to acquire a controlling interest in PICIC Insurance Limited. This arrangement aims to streamline operations and leverage the PICIC platform to enhance shareholder value and foster sustainable business growth.

According to information available from the Pakistan Stock Exchange (PSX), the merger’s implementation remains subject to rigorous procedural, regulatory, and corporate actions. These include necessary filings, approvals, and compliance obligations, alongside the payment of statutory and administrative fees to relevant authorities such as the PSX, Securities and Exchange Commission of Pakistan, and the Central Depository Company of Pakistan Limited.

CSIL and PICIC Insurance Limited’s management teams are actively pursuing strategic proposals to maximize the merger’s potential benefits. The company’s focus remains on obtaining all necessary regulatory clearances and approvals to ensure a seamless transition. Shareholders and market participants will be kept informed of any material developments, as mandated by applicable legal and regulatory frameworks.