Crescent Star Insurance Limited (PSX: CSIL) has strongly denied allegations of price manipulation and unlawful market practices leveled against it by Tristar Private Limited.
In a statement issued on Friday, CSIL dismissed Tristar’s claims as baseless, following a letter Tristar sent to the General Manager of the Pakistan Stock Exchange (PSX), raising concerns over CSIL’s trading activities.
In response, CSIL asserted its right to pursue legal action for damages and defamation against Tristar, according to its regulatory filing on PSX.
The company clarified that Tristar’s reference to a disclosure dated January 27, 2025, was solely related to a compliance requirement, which mandates notifying the company if an investor exceeds 10% of voting power. CSIL emphasized that compliance with such regulations cannot be misinterpreted as part of a larger scheme.
Reaffirming its stance, CSIL stated in a letter dated February 7, 2025, that it is not acting in concert with any party and that its acquisition of Tristar shares is purely for investment purposes. The company also noted that it adheres to all regulations governing substantial acquisitions, particularly the Listed Companies (Substantial Acquisition and Takeover) Regulations, which apply to transactions exceeding 30% ownership.
CSIL further pointed out Tristar’s failure to hold overdue director elections despite holding substantial shares in the company. It reiterated its right to take necessary legal steps to safeguard its interests.
The company urged Tristar to refrain from making unfounded accusations and from using PSX’s Public Announcement and Circular (Pucars) system to promote misleading allegations.