TPL Corp And ABHI Want to Acquire FINCA Microfinance Bank

TPL Corp Limited (PSX: TPL) has decided to jointly explore the potential acquisition of majority shares in FINCA Microfinance Bank Limited with Abhi (Private) Limited, the company informed the Pakistan Stock Exchange on Tuesday. “The Board of Directors of TPL Corp Limited (“TPL”) has accorded its approval to TPL to jointly explore the potential acquisition of a majority shareholding in FINCA Microfinance Bank Limited along with Abhi (Private) Limited (“Proposed Transaction”). In this regard, the Company has entered into a Non-Binding Term Sheet along with Abhi,” the filing said. “FINCA Microfinance Bank, Ltd. is committed to spreading financial inclusion across Pakistan, enabling more low-income Pakistanis to invest in their futures and their communities,” said FINCA Pakistan CEO Jahanzeb Khan. “We are excited to investigate how a combination of our two institutions can add value to the services we provide our customers.” FINCA Pakistan is part of FINCA Impact Finance (FIF), an international network of 16 microfinance banks, with nearly 40 years of experience in empowering tens of millions of people to build their financial health. The Proposed Transaction shall remain subject to the approval of the State Bank of Pakistan to commence the due diligence, the outcome of the due diligence process, obtaining requisite internal and regulatory approvals, and entering into definitive documentation. TPL shall keep the PSX apprised of all further developments in the said transaction, the filing added. The principal activity of the Company is to make investments in groups and other companies.