Karachi: Jazz International Holding Limited has been confirmed as the new acquirer of shares and control of TPL Insurance Limited, replacing the previously announced VEON Group Holding Company Ltd and its affiliates.
The development was disclosed by Arif Habib Limited (AHL), acting as the manager to the offer, through an addendum to the public announcement of intention submitted to the Pakistan Stock Exchange (PSX) on Tuesday.
According to the addendum, Jazz International Holding Limited will acquire shares and control of TPL Insurance Limited, with Pakistan Mobile Communications Limited (PMCL) acting as a person acting in concert (PAC). The announcement clarifies that Jazz International Holding Limited has replaced VEON Group Holding Company Ltd and/or its affiliated entities as the direct acquirer.
Earlier in September, the Board of Directors of TPL Corp Limited had granted in-principle approval for VEON Group Holding Company Ltd, a subsidiary of Nasdaq-listed VEON Ltd, to acquire shares and control of its subsidiary, TPL Insurance Limited.
It is pertinent to note that Jazz International Holding Limited is itself a subsidiary of VEON Ltd, meaning VEON Group will remain the ultimate beneficial owner following the transaction.
TPL Corp Limited currently holds a 52.87% stake in TPL Insurance Limited, making it the majority shareholder. Other significant shareholders include the Finnish Fund for Industrial Cooperation Ltd with a 17.02% stake and Entwicklungsgesellschaft MBH with 15.87%. The insurer has a paid-up capital comprising 198.39 million shares.
On the financial front, TPL Insurance reported total assets of Rs8.46 billion as of June 30, 2025, while shareholders’ equity stood at Rs2.68 billion. The company recorded a loss of Rs12 million during the first half of 2025, compared to a profit of Rs72 million in the full year 2024.
Headquartered in Dubai, VEON Group operates across five countries—Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. In Pakistan, the group has a significant presence through Pakistan Mobile Communications Limited, operating under the Jazz brand, which is the country’s largest mobile network operator with over 70 million subscribers.
