Quetta: In a significant corporate restructuring, East West Insurance Company Limited, the sole public limited insurance company in Baluchistan, has revised its financial framework. The extraordinary general meeting held on September 5, 2024, in Quetta resulted in unanimous resolutions to amend the company’s charter documents to expand its capital base significantly.

At the recent gathering at the company's registered office on Jinnah Road, the members agreed to a substantial increase in the authorized capital. The company's authorized capital now stands at Rs. 3.00 billion, divided into 300 million ordinary shares valued at Rs. 10 each. This decision modifies Clause V of the Memorandum of Association and Clause 4 of the Articles of Association, marking a pivotal adjustment in the company's financial strategy to support its growth and expansion plans.

According to information available from the Pakistan Stock Exchange (PSX), this adjustment in the capital structure is a strategic move by East West Insurance to bolster its market position and financial stability. The alteration in the Memorandum and Articles of Association reflects the company’s ambition to enhance its operational capabilities and reinforce its market presence across Pakistan.

The company's leadership, under the guidance of Shabbir Ali Kanchwala, Secretary of East West Insurance, expressed confidence that this change will provide a robust foundation for future corporate ventures and initiatives aimed at improving service delivery and expanding customer base. The revision is expected to attract more investments and foster a stronger financial environment for the company’s ongoing and future projects.