Pakistan’s TPL Corp Limited (TPL) and Abhi (Private) Limited have announced their intent to acquire a majority stake in FINCA Microfinance Bank Limited.
This news follows an earlier announcement in December 2023, where both companies expressed their interest in exploring a potential acquisition. The latest development signifies a move towards a formal offer.
According to a filing with the Pakistan Stock Exchange, TPL’s board of directors has approved submitting a binding offer for the majority stake acquisition, alongside Abhi.
The transaction is subject to obtaining all necessary approvals from regulatory bodies, including the State Bank of Pakistan, Competition Commission of Pakistan, and the Securities and Exchange Commission of Pakistan. Additionally, definitive documentation needs to be finalized before the acquisition proceeds.
TPL Corp, an investment holding company, will keep the PSX informed of any further developments regarding this transaction.
This potential acquisition could reshape the landscape of Pakistan’s microfinance sector, with TPL and Abhi aiming to leverage their combined expertise to further develop FINCA Microfinance Bank.