TPL Trakker intends to acquire Asia Care
KARACHI: TPL Trakker, a sister company of TPL Direct Insurance, has intended to acquire 100% paid up capital of the Asia Care and Life Insurance Company, which is a partner company of different microfinance banks, to enhance its business of insurance at micro level.
TPL direct insurance provides insurance products such as health insurance, automobile/car/vehicle insurance, travel direct, home insurance and bancassurance. Its management wanted to step in micro-insurance business which is being flourished in the country at the accelerated pace. According to official notification issued to stock, TPL Trakker said that it initiated an exercise of due diligence process to evaluate and access the viability of potential acquisition of up to 100% paid up capital of Asia Care and Life Insurance Company.
In this regard, the company is in the process of hiring consultancy and advisory firms for due diligence and regularity settlement whereas the transaction would be finalised after approval of board of directors and approval of regulatory bodies. At present, health issues and expensive medical treatment have become an important concern for all those people who cannot afford better medical facilities. AsiaCare offers a convenient solution to this problem and has introduced beneficial health plans via the platform of micro-finance institutions including the first microfinance bank, Khushali Bank and in the past Tameer Microfinance Bank. This plan provides a number of medical facilities at a reasonable cost.