January 29, 2020 (MLN): PICIC Insurance Company has informed the members of Pakistan Stock Exchange that due to the shortage of time, the merger petition which came up for hearing before the Sindh High Court on January 27, has once again been adjourned to February 24.
For the inundated, the Company has stopped underwriting and is in the process of merger with Crescent Star Foods (Private) Limited, the matter of which is pending before the High Court of Sindh.
Pending the approval of the merger, the Board of PICIC has decided to continue the decision of not underwriting any Insurance Business. Accordingly the company will not remain Insurance Company upon approval of the court for revocation of the Insurance License and will change the company’s nature of business accordingly.
The management of the company is confident that after the merger, the company will have adequate resources to effectively enter a new phase with diversified interests to protect stakeholders’ interest
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