The Board of Directors of TPL Corp Limited, in its meeting on December 17, 2025, granted final approval for the sale of TPL Insurance Limited and entered into a Share Purchase Agreement with Jazz International Holding Limited, according to a filing with the Pakistan Stock Exchange (PSX) on Wednesday.
“We are pleased to inform you that the Board of Directors of the Company, in its meeting held on December 17, 2025 at 11:00 a.m., has granted final approval for the transaction and approved the entering into a Share Purchase Agreement with the Acquirer, the completion of which shall remain subject to obtaining all requisite approvals under applicable laws,” read the notice sent to the local bourse.
The deal, which follows an earlier in-principle approval announced in September 2025, marks a significant step in the ongoing partnership between TPL Corp and Jazz International. Initially announced under VEON Group Holding Company Ltd., the acquisition details were later finalised by Jazz International Holding Limited.
In its latest update, TPL stated that the transaction would involve the transfer of shares and control of TPL Insurance Limited to Jazz International. This will be executed through a Share Purchase Agreement, which remains subject to obtaining necessary regulatory approvals.
On Tuesday, in a disclosure to the PSX, Arif Hbaib Limited, acting as manager to the offer, confirmed Jazz International Holding Limited as the acquiring entity in the proposed acquisition of shares and control of TPL Insurance Limited, replacing the previously named VEON Group Holding Company Ltd and its affiliates.
The brokerage firm informed the Securities and Exchange Commission of Pakistan (SECP) and the Pakistan Stock Exchange (PSX) through an addendum to the Public Announcement of Intention originally published on September 8, 2025. The addendum was published on December 17, 2025, in newspapers.
Despite this change, all other details of the transaction, including the ultimate beneficial ownership and information relating to TPL Insurance, remain unchanged.
Jazz International Holding Limited is a wholly owned subsidiary of VEON Ltd., which is listed on Nasdaq and operates digital and telecommunications businesses in several markets, including Pakistan. VEON Ltd. remains the ultimate controlling shareholder.
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