Karachi: On receipt of special approval for relaxation of sub rule (i) of rule 5 of The Companies (Issue of Capital) Rules, 1996 for right issue in 2011, we intimate you regarding start of process of Right Issue. In order to determine the entitlement of shareholders to the Right Shares, the share transfer register of the company shall remain closed from September 24, 2011 to September 30, 2011 (Both days inclusive).
Special Approval for Relaxation of Sub-Rule (i) of Rule 5 of the Companies (Issue of Capital Rules, 1996)
Please refer to your application dated June 16, 2011 in respect of the subject noted above.
2. I have been directed to inform you Securities and Exchange Commission of Pakistan (the “Commission”) keeping in view the circumstances of the case, has relaxed the requirements of Sub-Rule (i) of Rule 5 of the companies (Issue of Capital) Rules, 1996 (the “Rules”), by virtue of the powers conferred under Rule 10 of the Rules and has allowed M/s Asia Insurance Company Limited (the “Company”) to Issue 5 million ordinary shares at Rs. 10 per share amounting to Rs. 50 million by way of right offer to the existing shareholders to incase its paid-up share capital in order to meet the Minimum Capital Requirements as required under S.R.O. 291(1)/2007 dated March 26, 2007, subject to following conditions:
i. The directors and their families, holding shares in the Company, will fully subscribe their portion or right entitlement;
ii. Shares so subscribed by the directors and their families will not be sold by them for the period of six months from the date of subscription;
iii. The Company, out of the proceeds from the rights issue, will first meet the requirements of maintaining the statutory reserves with the State Bank of Pakistan;
iv. The Company shall submit a report to the Commission Within 15 days of the completion of rights issue process reflecting shares subscribed by:
a. The directors and their families;
b. Bank and financial institutions;
c. General publish;
d. Number of Shares remained unsubscribed; and
e. Number of shares taken up by the underwriters.
For more information, contact:
Farrukh Majeed Qureshi
Asia Insurance Company Limited
456-K, Model Town,