PICIC Insurance Limited (KASE:PIL) entered into an agreement to acquire Crescent Star Foods (Private) Limited on December 26, 2017. PICIC Insurance Limited will issue 466.93 shares for every 1 share of Crescent Star Foods (Private) Limited. The transaction is subject to the approval by the shareholders of PICIC Insurance Limited, regulatory approval and sanction of the scheme by the High Court along with the fulfillment of related legal formalities.

As of December 26, 2017, Board of Directors of PICIC Insurance Limited approved the transaction. On December 27, 2017, the Board of Directors of Crescent Star Foods (Private) Limited approved the transaction. On February 6, 2018, the transaction is approved by the shareholders of PICIC Insurance Limited.

Horwarth Hussain Chaudhiry & Co., Chartered Accountants done the calculations of the swap ratios.