Dar Es Salaam Mills Completes Share Allotment in Merger with TPL Life Insurance

Karachi: In a significant corporate move, Dar Es Salaam Textile Mills Limited has completed the allotment and issuance of shares as part of its merger process with TPL Life Insurance Limited, which has been in the works since last year.

Following a Scheme of Arrangement dated November 29, 2023, and sanctioned by the Honourable High Court of Sindh at Karachi on June 10, 2024, Dar Es Salaam Limited (“Company”) has issued a total of 211,496,000 shares to TPL Corp Limited. This action was taken in accordance with the terms agreed upon in the Scheme, which saw TPL Corp Limited emerge as a substantial shareholder of Dar Es Salaam Mills. The shares, totaling 211,495,937 issued electronically and 63 in physical form, were credited as fully paid up on August 12, 2024.

According to information available from the Pakistan Stock Exchange (PSX), this transaction aligns with Clause 5.6.4 of the PSX Regulations, marking a pivotal step in the merger between Dar Es Salaam Mills and TPL Life Insurance, further solidifying the corporate structure and expanding the shareholder base of the combined entity.

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