Karachi: The Pakistan General Insurance Company Limited (PGr) has successfully expanded its issued, subscribed, and paid-up capital through the issuance of 93.60 million ordinary shares, according to a report dated September 11, 2026, provided by Mushtaq & Co., the statutory auditors of the company. This issuance, not conducted through the traditional right issue method, was approved by the Securities and Exchange Commission of Pakistan (SECP) under specific regulatory conditions.

The newly issued shares, each priced at Rs. 10, collectively amount to Rs. 936 million. This move elevates the company's total paid-up capital from Rs. 500 million to Rs. 1.44 billion. The shares have been allocated equally between Mr. Shahzad Habib and Mrs. Bushra Shahzad, with each receiving 46.80 million shares.

According to information available from the Pakistan Stock Exchange (PSX), the issuance did not involve cash transactions. Instead, the shares were granted against the transfer of properties to the company. The properties, integral to this transaction, were thoroughly examined and verified, in compliance with the SECP's approval and valuation reports dated August 10 and August 25, 2026.

The auditors, in their report, confirmed that all legal and regulatory requirements have been met, including the conditions set forth by the SECP and the Central Depository Company of Pakistan Limited (CDC). The procedure ensures that the allotment and crediting of the shares are in line with the Companies Act, 2017, and other applicable regulations.

This strategic move by The Pakistan General Insurance Company Limited underscores a shift in capital acquisition strategies, highlighting the role of non-cash considerations in corporate finance. The designated market category remains unchanged, and the company's management is responsible for adhering to the compliance protocols associated with this capital increase.