Karachi, June 23, 2020: 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 Entwicklungsgesellschaft mbH (“DEG”), a wholly owned subsidiary of KfW Group based in Cologne, Germany.
The proposed transaction of an acquisition of a minimum 20 percent 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 Aminuddin, CEO, TPL Insurance said, “This is the beginning of a promising future for our organization. DEG, with a portfolio of EUR 8.6 billion and a geographic presence in over 80 countries, finances enterprises that focus on lasting success and operate responsibly – just as we do. It is indeed our privilege to play a pivotal role in strengthening Pakistan’s relationship with Germany, create jobs to stimulate the economy and continue to offer value added services to our customers. I am confident that our partnership with DEG will not only bring growth and prosperity for Pakistan, but also tell a story about TPL’s commitment to growth and our mission to provide unmatched service and product innovations to create sustainable value for our stakeholders.”