Pakistan General Insurance Secures Full Subscription for Right Shares, Requests NOC for Fund Transfer

Lahore: Pakistan General Insurance Company Limited (PKGI) has successfully received the full amount for its right shares subscription, totaling Rs. 35,985,500, and is now requesting the issuance of a No Objection Certificate (NOC) for transferring these funds to its accounts, as confirmed by their external auditors, Mushtaq & Co. This development came after the Board of Directors’ resolution passed on June 24, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the Lahore-based PKGI is set to transfer the right shares subscription amount to the company following the successful issue and subscription of 3,598,550 ordinary shares. The auditors verified that all funds corresponding to these shares, priced at Rs. 10 each, were fully deposited into the designated bank account by June 28, 2024.

This financial activity led to an increase in PKGI’s paid-up capital from Rs. 464,014,500 to Rs. 500,000,000, marking a significant milestone in the company’s capital growth. The NOC, requested in the names of MCB Bank Limited and Central Depository Company of Pakistan Limited, will facilitate the transfer of the subscribed amount, confirming PKGI’s strengthened financial position following the right shares issue.