Karachi: EFU Life Assurance Ltd has successfully secured a significant portion of its recent rights issue, with a total of PKR 374.91 million subscribed by the company's directors and substantial shareholders. According to the report dated October 13, 2026, this amount, representing 83.31% of the total rights issue, corresponds to the subscription of 37,490,669 shares, priced at PKR 10 each.

The subscription process was conducted in accordance with the Companies (Further Issue of Shares) Regulations, 2020, as well as other applicable laws, as detailed in the auditor's certificate. The certificate was issued following the verification of the receipt of consideration money from the company's substantial shareholders and directors. This step complies with section 70(1) of the Companies Act, 2017, and regulations 30, 39, and 108 of the Companies Regulations, 2024.

According to information available from the Pakistan Stock Exchange (PSX), EFU Life Assurance Ltd's rights issue was authorized by the company's Board of Directors in a meeting held on August 21, 2026, for a total of PKR 450 million. The amount received thus far was deposited in the company's designated account at JS Bank Limited, under the title "EFU LIFE ASSURANCE LTD RIGHT SUBSCRIPTION ACCOUNT."

The auditor's certificate confirms the completion of procedures to verify the receipt of funds from the company's directors and substantial shareholders. The verification process adheres to the "Guidelines for Issue of Certificates for Special Purposes by Practicing Chartered Accountant Firms" issued by the Institute of Chartered Accountants of Pakistan.

This development marks a critical milestone for EFU Life Assurance Ltd in its efforts to secure necessary capital through its rights issue, demonstrating strong support from its key stakeholders.