German private sector development financier signs LOI to acquire stake in TPL Insurance.

LAHORE -- TPL Insurance Ltd, the insurance arm of TPL Corp and Pakistan's first direct insurance company, has signed a Letter of Interest (LOI) with DEG, Deutsche Investitions- und EntwicklungsgesellschaftmbH ('DEG'), a wholly owned subsidiary of KfW Group based in Cologne, Germany. The proposed transaction of an acquisition of a minimum 20% equity in TPL Insurance shall be executed subject to approval of the Board of Directors', Shareholders', Securities and Exchange Commission of Pakistan and other regulatory bodies.

DEG is reentering the Pakistani market, and at this time of a pandemic, which will prompt companies to re-look at Pakistan. Working with the experience and expertise of DEG as a major institutional investor, TPL Insurance will reap the benefits of customized solutions in all respectable areas including, but not limited to best corporate governance practices, business support, risk management and environmental and social matters.

Muhammad...