TPL Corp Limited (PSX: TPL) and Abhi (Private) Limited are set to submit a binding offer to acquire a majority stake in FINCA Microfinance Bank Limited, according to an official filing with the Pakistan Stock Exchange on Monday.
This development follows an earlier announcement on December 19, 2023. The TPL Corp Limited Board of Directors approved the submission of a joint bid with Abhi (Private) Limited to acquire a controlling interest in FINCA Microfinance Bank Limited.
The transaction’s completion hinges on obtaining necessary approvals from relevant authorities. This includes the State Bank of Pakistan, the Competition Commission of Pakistan, and the Securities and Exchange Commission of Pakistan. Following these approvals, definitive agreements will be signed to finalize the acquisition.
TPL Corp Limited has assured the Pakistan Stock Exchange (PSX) of receiving updates on any further progress regarding this transaction. This move signifies TPL Corp Limited’s strategic intent to diversify its portfolio and enter the microfinance sector through the acquisition.