Dubai-based telecom giant VEON Group Holding Company Ltd has formally expressed interest in acquiring a controlling stake in TPL Insurance Limited, signaling a potential expansion beyond its traditional telecom operations. The move, disclosed to TPL Insurance’s board on September 4, 2025, could reshape the insurer’s ownership structure.
The prospective deal is still in its early stages and hinges on several critical factors, including regulatory approvals, thorough due diligence, negotiations with existing shareholders, and the finalization of binding agreements.
Current Shareholding Landscape at TPL Insurance
At present, TPL Corp Limited is the largest shareholder in TPL Insurance, holding 52.87% of the company’s shares. Other notable investors include the Finnish Fund for Industrial Cooperation Ltd with 17.02%, and Entwicklungsgesellschaft MBH at 15.87%. The insurer’s paid-up capital stands at 198.39 million shares.
Acquiring a stake beyond statutory thresholds as outlined under Section 111 of the Securities Act, 2015, would allow VEON to exercise significant influence over TPL Insurance’s strategic direction, if the deal goes through.
VEON’s Regional Footprint
Headquartered in Dubai, VEON operates across five countries: Pakistan, Ukraine, Kazakhstan, Uzbekistan, and Bangladesh. In Pakistan, the company has a particularly strong presence through Pakistan Mobile Communications Limited, better known as Jazz, which is the nation’s largest mobile operator, serving more than 70 million subscribers. Analysts suggest that entering the insurance sector could be part of VEON’s broader strategy to diversify its portfolio in Pakistan, leveraging its large customer base and financial infrastructure.
