Karachi, Tariq Corporation Limited has announced the successful completion of its right shares issue, receiving full subscription for 13,241,250 shares, amounting to PKR 198,618,750. The company confirmed receipt of the entire subscription amount and has requested the Pakistan Stock Exchange Limited (PSE) to issue a No Objection Certificate (NOC) for the release of subscription money. This request is directed towards Askari Bank Limited and Central Depository Company of Pakistan Limited to facilitate the funds' transfer.

The company's auditors provided a certificate, confirming the receipt of subscription money from both sponsoring directors/substantial shareholders and the general public. This certification process was conducted in line with the guidelines set by the Institute of Chartered Accountants of Pakistan and involved thorough verification steps. These steps included reviewing board resolutions, compliance with the Companies Act, 2017, and scrutinizing bank statements among others, ensuring full transparency and adherence to legal requirements.

Significant contributions towards the subscription were noted from company directors and close relatives, alongside substantial public participation. The auditing process meticulously tracked these contributions, confirming the comprehensive engagement of the company's stakeholder base in supporting its financial strategies.

This successful rights issue underscores Tariq Corporation Limited's robust financial health and investor confidence. It marks a significant milestone in the company's growth journey, ensuring further capitalization and operational expansion. The management of Tariq Corporation Limited extends its gratitude to all participants for their trust and support in this venture.