Karachi: Crescent Star Insurance Limited (CSIL) has issued a formal response to allegations of price manipulation and unlawful market practices, as detailed in a letter released to the Pakistan Stock Exchange (PSX) on April 4, 2025. The letter, initially addressed to the General Manager of PSX, has prompted CSIL to clarify its stance while reserving the right to seek damages and file defamation claims against the accuser.

In the letter, CSIL addresses specific accusations concerning a disclosure dated January 27, 2025. The company stated that the disclosure was a compliance measure to inform stakeholders if an investor attains more than 10% voting power, asserting that this requirement should not be construed as a malicious scheme. CSIL further reiterated its position, previously communicated in a letter dated February 7, 2025, that it is not collaborating with any party in concert and that its acquisition of shares is solely for investment purposes.

According to information available from the Pakistan Stock Exchange (PSX), CSIL emphasized that it operates under the regulations governing listed companies, including the Listed Companies (Substantial Acquisition and Takeover) Regulations, which pertain to acquisitions exceeding a 30% threshold. The company also expressed concern over the alleged failure of the accused party to hold director elections, which CSIL claims are overdue.

As a substantial shareholder, CSIL has voiced its intent to protect its interests and pursue any necessary actions as advised by its legal counsel. The company has advised the accuser to cease making baseless allegations and utilizing PSX Pucars to propagate such claims.