Jazz International Holding Confirmed as New Acquirer for TPL Insurance Stake

Jazz International Holding Limited is officially the new acquirer of TPL Insurance Limited. This strategic move replaces the previously announced VEON Group Holding Company Ltd. However, the ultimate beneficial owner remains the same. VEON Ltd owns Jazz International Holding Limited, ensuring continuity in the acquisition strategy.

Arif Habib Limited (AHL) disclosed this significant development on Tuesday. Acting as the manager to the offer, AHL submitted an addendum to the “Public Announcement of Intention” at the Pakistan Stock Exchange (PSX).

Jazz International Holding: A Shift in Acquisition Structure

Previously, the Board of Directors at TPL Corp Limited granted in-principle approval for the deal in September. Initially, the approval favoured VEON Group Holding Company Ltd. Now, the structure has changed.

According to the official filing, Jazz International Holding Limited replaces VEON Group Holding Company Ltd and its affiliates. Consequently, they will acquire shares and control of the target company. Furthermore, Pakistan Mobile Communications Limited acts as the person acting in concert (PAC) for this transaction.

TPL Insurance Financial Snapshot

TPL Corp Limited currently holds the majority stake in TPL Insurance. They own 52.87% of the shares. Additionally, the Finnish Fund for Industrial Cooperation Ltd holds 17.02%, and Entwicklungsgesellschaft MBH holds 15.87%.

The insurer has a paid-up capital of 198.39 million shares. Recent financial reports show a mixed performance. As of June 30, 2025, TPL Insurance reported total assets of Rs. 8.46 billion. Shareholders’ equity stood at Rs. 2.68 billion. However, the company posted a loss of Rs. 12 million in the first half of 2025. This contrasts with a profit of Rs. 72 million during the same period in 2024.

VEON’s Strong Footprint

The VEON Group serves as the ultimate powerhouse behind this deal. Headquartered in Dubai, the group operates across five countries. These include Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh.

In Pakistan, VEON maintains a massive operational presence. Through Pakistan Mobile Communications Limited, operating under the brand Jazz, it leads the market with over 70 million subscribers. This acquisition further solidifies its investment footprint in the region.