Karachi: East West Insurance Co. has declared the issuance of interim bonus shares and an increase in authorized share capital following a board meeting held on September 9, 2024. According to information available from the Pakistan Stock Exchange (PSX), the company plans to issue bonus shares at a ratio of one share for every ten shares held, equating to a 10% issuance.

Shareholders listed in the Register of Members as of September 29, 2024, will be entitled to the bonus shares. The company's Share Transfer Books will be closed from September 30 to October 5, 2024, to facilitate this transaction. Transfers received by the end of business on September 29 at Karachi will be considered timely for the entitlement.

Additionally, the Board of Directors has resolved to increase the authorized share capital from Rs. 2.5 billion to Rs. 3.0 billion. The proposed increase will expand the capital structure to 300 million ordinary shares at Rs. 10 each. This move requires amending the respective clauses of the company's Memorandum and Articles of Association, which will take effect immediately upon approval.

An Extraordinary General Meeting to discuss and potentially approve these changes is scheduled for October 5, 2024, in Quetta. During this period, the Share Transfer Books will remain closed.