We would like to inform you that in meeting of the Board of Directors of PICIC Insurance Limited (herein fter
referred to as the "Company") held at 10.30 a.m. on December 26, 2017 at the registered office of the Comp ny, the Board of Directors approved the Scheme of Arrangement under Sections 279 to 282 of the Companies ct, 2017 laid before the Board of Directors of the Company ("Scheme"), in terms of which Crescent Star Fo ds
(Private) Limited ("CSF") is to be merged with and into the Company, subject to obtaining all neces ary
shareholders' and regulatory approvals and the sanction of the Scheme by the High Court along with fulfilme t of related legal formalities.
The Board of Directors approved the draft of the Scheme (subject to any changes and modifications as ma be
required by the shareholders of the merger parties and I or the Honourable High Court of Sindh and such
amendments as may be considered necessary without affecting the substance thereof) along with the swap ratio of
466.93 shares of the Company for every 1 share of CSF held by each of the Shareholders of CSF (as define in the Scheme), as supported by the calculations done by Horwarth Hussain Chaudhury & Co., Chart red Accountants.
https://www.psx.com.pk/newsattachment/107798.pdf
