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Karachi, BDO Ebrahim & Co., a chartered accountant firm, has issued an auditor’s certificate confirming a significant change in the face value of Modaraba certificates from Rs. 5 to Rs. 10. The change was notified to the Pakistan Stock Exchange (PSE) via a letter dated January 30, 2024, referencing the number of revised Modaraba certificates.
The certificate indicates that the total number of paid-up Modaraba certificates as of December 31, 2023, was 221,661,000 with a capital of Rs. 1,108,305,000. Following the increase in face value, the revised number of certificates stands at 110,830,500, maintaining the same capital amount.
This adjustment was approved at an Extraordinary General Meeting on March 8, 2024, and is reflected in a revised prospectus. The certificate was prepared according to the “Guidelines for issue of Certificates for Special Purposes by Practicing Chartered Accountant Firms” from the Institute of Chartered Accountants of Pakistan. The scope of the certificate was limited to reviewing financial statements and verifying changes as per the special resolution passed by the members of the Modaraba.
The issuance of this certificate serves to comply with the directives of the Pakistan Stock Exchange and is intended solely for use within the parameters set forth in its scope, as noted by BDO Ebrahim & Co.