Karachi: Jazz International Holding Limited has successfully completed the acquisition of 13,245,191 ordinary shares of TPL Insurance Limited, fulfilling all regulatory obligations related to this transaction, Arif Habib Limited confirmed in a statement released on July 3, 2026. This acquisition represents 6.67% of TPL's issued and paid-up capital.

The process of acquisition commenced with a Public Announcement of Intention (PAI) published by Arif Habib Limited, acting as the Manager to the Offer, on September 6, 2025, in leading newspapers Business Recorder and Nawa-i-Waqt. An addendum to the PAI was subsequently published on December 17, 2025. Following this, a Public Announcement of Offer (PAO) was made on April 20, 2026, with the offer being publicized through the same newspapers on April 22, 2026.

The acceptance period for this public offer began on June 9, 2026, and closed on June 15, 2026. During this period, the response from shareholders was overwhelming, with applications received for a total of 21,087,740 ordinary shares, significantly exceeding the offer size of 13,245,191 shares. Consequently, only 62.81% of the shares were accepted to match the offer size, resulting in a very large or significant move in the shareholder response.

According to information available from the Pakistan Stock Exchange (PSX), the Acquirer was obligated to complete all formalities, including dispatching payments to shareholders for shares tendered, within ten days following the end of the acceptance period. Arif Habib Limited has now confirmed that these obligations have been met, with payments dispatched to all participating shareholders.

This transaction highlights the robust demand and shareholder interest in TPL Insurance Limited, marking a substantial move in the market. The fulfillment of this acquisition reflects compliance with the Securities Act 2015 and the Listed Companies (Substantial Acquisition of Voting Shares and Takeovers) Regulations, 2017, ensuring a smooth and regulatory-compliant process.