Jazz International Holding Limited has announced a public offer to acquire up to 6.67% additional shares of TPL Insurance Limited at a price of Rs30 per share, following its agreement to acquire a majority stake in the company. According to a stock filing by Arif Habib Limited, Manager to the Offer, on Monday, the offer covers 13.24 million ordinary shares and is being made under Pakistan’s takeover regulations, with Jazzworld Pakistan Limited acting as a person acting in concert. The development follows a share purchase agreement signed on March 5, 2026, under which Jazz International is acquiring 53.81% stake in TPL Insurance from TPL Corporation, representing 106.89 million shares at the same offer price.
Additional stakes held by FinnFund and DEG, amounting to 32.85% combined, are being acquired separately through private arrangements and are not part of the public offer. Under regulatory requirements, the acquirer is obligated to offer minority shareholders an opportunity to sell shares, resulting in the current public offer for 6.67% of the company. The transaction structure indicates that Jazz International’s total holding in TPL Insurance could exceed 60% following completion of the acquisition and public offer.
Arif Habib Limited is acting as manager to the offer and has submitted due diligence certification to the Securities and Exchange Commission of Pakistan. The public announcement extends an earlier intention disclosed in September 2025, with a subsequent addendum in December and a timeline extension pushing the offer date to June 5, 2026. Jazz International, incorporated in the UAE in 2025, currently does not hold any shares in the target company prior to this transaction. The move marks a significant ownership transition in TPL Insurance and reflects ongoing activity in Pakistan’s capital markets under takeover regulations.