AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore, Pakistan General Insurance Company Limited has announced the dispatch of its Letter of Rights and CDS Intimation Letter to shareholders, alongside the Schedule 1 Offer Document, as of May 24, 2024. The company has confirmed that the rights have been credited to shareholders’ CDS accounts in a ratio of approximately 7.78 ordinary shares for every 100 held as of the close of business on May 20, 2023.
The rights offer subscription is set to begin on May 27, 2024, with trading of these unpaid rights starting on the same day at the Pakistan Stock Exchange. Trading will continue until June 7, 2024, with the subscription period closing on June 14, 2024. The credited rights shares are expected to be reflected in CDS accounts by June 28, 2024.
According to information available from the Pakistan Stock Exchange (PSX), shareholders are instructed to make their payments through cash, crossed cheque, demand draft, or pay order, favoring The Pakistan General Insurance Company Limited Right Shares. Payments can be processed at all branches of MCB Bank Limited, which is serving as the banker to the issue.
For shareholders, especially non-resident Pakistanis or foreigners, payments must be made in Pakistani Rupees and can also be executed online through 1Link’s bill payment services, which include internet banking and mobile banking channels. All transaction requests are subject to verification and must be completed by June 14, 2024.
Notices regarding these updates will be published in a major newspaper on May 25, 2024, as per compliance requirements with the rules of the stock exchange. Shareholders requiring further details or experiencing non-receipt of the intimation letters are advised to contact the company’s secretary at their headquarters in Lahore or through the designated telephone number provided in the notice.