In a significant development, TPL Corp Limited (PSX: TPL) and Abhi Private Limited have received the final nod from the State Bank of Pakistan (SBP) to acquire a substantial 94.8% stake in FINCA Microfinance Bank Limited.

This approval marks a crucial step forward in the acquisition process, which is subject to adherence to all relevant laws, rules, and regulations as stipulated by the SBP.

The announcement follows earlier communications made by the companies on April 29, 2024, and September 20, 2024. The SBP’s approval is a pivotal milestone in the acquisition journey, allowing TPL and Abhi to proceed with their plans to take over the majority shareholding in FINCA Microfinance Bank.

In September, the Board of Directors of TPL Corp Limited and Abhi Private Limited entered into a Share Purchase Agreement, along with other definitive agreements, with FINCA Microfinance Coöperatief U.A. This agreement outlines the terms for the joint acquisition of FINCA Microfinance Bank Limited, further solidifying the partnership between TPL and Abhi in this strategic venture.