July 09, 2026 (MLN): PICIC Insurance Limited (PSX:PIL) has received approval from the Sindh High Court for the Modified Scheme of Arrangement concerning the merger of Crescent Star Foods (Private) Limited with and into the company.

The court's order, dated April 16, 2026, and passed in J.C. Misc. No. 45 of 2017, paves the way for the merger, subject to completion of all legal and procedural formalities, the company said in its quarterly progress report.

PICIC Insurance is currently in the process of implementing the sanctioned scheme, which includes the issuance and allotment of approximately 7.9 billion new ordinary shares in line with the approved terms.

The management stated that it remains actively engaged in completing the implementation process while evaluating strategic business opportunities to support the company's future growth and development.

The company added that it will continue to keep its shareholders and the Exchange informed of any further material developments as and when they arise.

The aforementioned was disseminated through a notification to Exchange.