Crescent Star Insurance Company Limited (CSIL) reported earnings per share of PKR 0.16 for CY25, compared to earnings per share of PKR 0.66 in FY24. Furthermore, in 1QCY26, the company reported loss per share of PKR 0.29, compared to earnings per share of PKR 0.10 in the same period last year (SPLY).
On April 16, the Sindh High Court officially approved the merger of Crescent Star Foods Private Limited, a subsidiary of CSIL, with and into PICIC Insurance Limited (PIL). As part of the scheme of arrangement, PICIC will issue approximately 5.6 billion shares to CSIL.
The transaction is expected to significantly strengthen CSL’s investment portfolio and equity base, while also making PIK a subsidiary of the company. CSIL’s board has approved a 100% right share issuance comprising 750 million shares at a discount to par value, subject to regulatory approvals. The primary objective of the capital raise is to fund the PKR 620 mn in regulatory fees associated with the merger, payable to SECP, CDC, and PSX, while the remaining proceeds will support additional working capital requirements.
CSIL also plans to expand into financial advisory, restructuring, and capital market related initiatives through its subsidiary, Crescent Star Ventures Private Limited, once the required licenses are obtained. Management highlighted that both entities will continue to operate as insurance companies. PICIC was in a winding up position at the time of acquisition, making the immediate priority the injection of fresh capital to meet minimum regulatory requirements and restore active insurance operations.
Management is currently evaluating specific operational strategies for PICIC and expects to make detailed announcements by July 2026.
Important Disclosures
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