Jazz International Holding Limited has launched a public offer to acquire up to 13.2 million ordinary shares of TPL Insurance Limited, representing 6.67% of the company, at Rs. 30 per share, taking the value of the offer to nearly Rs. 397 million.
The offer comes after the Dubai-based company signed a share purchase agreement on March 5, 2026 to buy a controlling 53.81% stake in TPL Insurance from TPL Corporation Limited. That transaction covers around 106.9 million shares and is also priced at Rs. 30 per share.
Under Pakistan’s takeover rules, an investor acquiring more than 50% of a listed company must make an offer to buy additional shares from minority shareholders. In line with that requirement, Jazz International has opened the public offer period from June 9 to June 15, 2026.
The Rs. 30 per share offer is well above TPL Insurance’s recent market averages. The stock’s weighted average price over the previous 180 days stood at Rs. 22.33, while its 28-day average at the time of the initial announcement in September 2025 was Rs. 13.47. This places the offer at a notable premium to recent trading levels.
The transaction is part of a broader takeover plan. Separate arrangements are already in place for the acquisition of a 17% stake held by FinnFund and a 15.85% stake owned by DEG. These holdings will not be included in the public offer.
Jazz International was incorporated in the UAE in September 2025 as a special purpose vehicle and is fully owned by VEON Microfinance Holdings B.V. Its board includes Muhterem Kaan Terzioglu, Farrukh Hussain Khan and Aamir Hafeez Ibrahim.
The acquisition reflects VEON’s plan to expand beyond telecom services and strengthen its presence in the insurance and insurtech space in Pakistan. TPL Insurance will continue to remain listed after completion of the transaction.
The deal stands out as one of the major foreign-backed acquisitions in Pakistan’s insurance sector in recent years, highlighting growing interest among telecom-linked groups in combining digital services with financial products.
