TPL Corp board clears sale of subsidiary stake to Jazz International

TPL Corp Ltd. said its board has approved the sale of shares and control of its subsidiary, TPL Insurance Ltd., to Jazz International Holding Ltd., marking a key step toward completing a transaction first disclosed earlier this year.

In a notice to the Pakistan Stock Exchange dated Dec. 17, the company said its board granted final approval at a meeting held the same day and authorized the signing of a share purchase agreement with the buyer. Completion of the transaction remains subject to regulatory and other approvals required under applicable laws.

TPL Corp said it will continue to update shareholders as the deal progresses.

The announcement builds on an earlier disclosure from September, when TPL Corp said its board had granted in-principle approval for the potential acquisition of shares in TPL Insurance by a strategic investor. At the time, the buyer was identified as VEON Group Holding Company Ltd. and its related entities.

That position was later clarified, with TPL Corp confirming through an amended disclosure that Jazz International Holding Ltd. — part of the VEON group — would be the acquiring entity.

TPL Insurance is a subsidiary of TPL Corp, a technology and services group with interests spanning insurance, asset tracking and data solutions. Any transfer of ownership in a listed insurance company typically requires approvals from market regulators, including the Securities and Exchange Commission of Pakistan.

Jazz International Holding is linked to Jazz, Pakistan’s largest mobile network operator, and ultimately to VEON, a global digital operator with operations across emerging markets. The proposed acquisition has been viewed by analysts as part of broader consolidation and diversification moves within Pakistan’s insurance and financial services sector.