KARACHI, September 20, 2024: TPL Corp Limited (“TPL”), TPL and Abhi (Private) Limited have jointly entered into a Share Purchase Agreement to acquire FINCA Microfinance Bank Limited.
Following Sections 96 of the Securities Act, 2015 and Clause 5.6.1(a) of the Rule Book of the Pakistan Stock Exchange Limited, TPL Corp has informed that on the approval of the Board of Directors of TPL Corp Limited (“TPL”), TPL and Abhi (Private) Limited have jointly entered into a Share Purchase Agreement along with other definitive agreements, with FINCA Microfinance Coöperatief U.A to jointly acquire FINCA Microfinance Bank Limited (“Acquisition”).
This Acquisition sets the stage for a transformative expansion of financial services across the country and represents a significant milestone in the journey toward financial inclusion in Pakistan.
TPL, with its diverse business portfolio, sees this acquisition as an opportunity to enhance its impact in the financial sector and contribute to the creation of a more inclusive financial ecosystem in Pakistan.
The acquisition shall remain subject to all regulatory approvals and requisite closing conditions. TPL has assured that it will keep the PSX apprised of all further developments in the said transaction.
FINCA Pakistan traces its roots back to 2008 when it started its journey as Kashf Microfinance Bank.
The foundation of the Bank was laid on the acknowledgment that access to financial services was also a fundamental right of the people who lack this facility, and that the Bank would provide micro-loans to the hardworking entrepreneurs with minimal collateral requirements.
At that time, the Bank started its business through a network of 13 branches – all providing basic deposit and microfinance services to its customers. FINCA Pakistan is the first microfinance bank in the country to receive SMART certification in recognition of its long-standing commitment to clients’ protection principles.
