Karachi: PICIC Insurance Limited has announced the implementation of a court-approved scheme for the merger of Crescent Star Foods (Private) Limited into PICIC Insurance Limited. This development follows the approval by the Honorable Sindh High Court on April 16, 2026, as per Order J.C. Misc. No. 45 of 2017. The merger is contingent upon the completion of all legal and procedural requirements.

The company has disclosed that it is in the process of issuing approximately 7.9 billion new ordinary shares as part of the merger’s approved terms. With the completion of the scheme, Crescent Star Insurance Limited is anticipated to become the controlling shareholder, thereby integrating PICIC Insurance Limited into the Crescent Star group structure.

According to information available from the Pakistan Stock Exchange (PSX), the scheme’s implementation is subject to the fulfillment of several procedural, regulatory, and corporate actions. These include necessary filings, obtaining approvals, and meeting compliance requirements with relevant authorities such as the Pakistan Stock Exchange Limited, the Securities and Exchange Commission of Pakistan, and the Central Depository Company of Pakistan Limited.

The management of PICIC Insurance Limited is engaged in finalizing the implementation process and is also evaluating strategic business opportunities to foster the company’s growth and development. The company has committed to keeping its shareholders and the Exchange informed about any further material developments in this matter.