TPL Corp Limited (PSX: TPL) has decided to jointly explore the potential acquisition of majority shares in FINCA Microfinance Bank Limited with Abhi (Private) Limited, the company informed the Pakistan Stock Exchange on Tuesday.
“The Board of Directors of TPL Corp Limited (“TPL”) has accorded its approval to TPL to jointly explore the potential acquisition of a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (Private) Limited (“Proposed Transaction”). In this regard, the Company has entered into a Non-Binding Term Sheet along with Abhi,” the filing said.
The Proposed Transaction shall remain subject to the approval of the State Bank of Pakistan to commence the due diligence, the outcome of the due diligence process, obtaining requisite internal and regulatory approvals, and entering into definitive documentation.
TPL shall keep the PSX apprised of all further developments in the said transaction, the filing added.
The principal activity of the Company is to make investments in groups and other companies.