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Karachi, The Pakistan General Insurance Company Limited (PKG1) has successfully completed the subscription process for its rights shares, offering exclusively to its directors and a substantial shareholder. The subscription, which totaled PKR 12,288,430, was received by the deadline of May 27, 2024, confirming the company’s ability to meet the requirements set by the Pakistan Stock Exchange (PSX).
According to information available from the Pakistan Stock Exchange (PSX), PKG1’s management was responsible for ensuring the receipt of the subscription amount in line with regulatory mandates and internal agreements. The company issued 3,598,550 ordinary shares at a price of Rs. 10 each, where each shareholder was entitled to 7.76 right shares for every 100 ordinary shares held.
Auditors from a practicing Chartered Accountant Firm were tasked with certifying the receipt based on a set of predetermined procedures. These included verifying the certified true copy of the Board of Directors’ resolution from April 22, 2024, which approved the rights issue, and confirming the receipt of the total amount from the designated bank account. The auditors’ responsibilities were confined to these verification procedures without delving into the broader compliance or credit verification aspects related to the PSX or the Companies Act 2017.
The certificate issued by the auditors is intended for use in the onward submission to the PSX to facilitate the issuance of the right shares and is restricted to the stipulated usage.