Lahore, The Pakistan General Insurance Company Limited announced on April 22, 2024, a significant decision to issue 3,598,550 equity shares, raising a total of Rs. 35,985,500. This resolution came during a board meeting held at the company's head office, PGI House, in Lahore.

The shares will be issued on a rights basis at Rs. 10 each to current equity shareholders, proportional to their existing shareholdings. The company has planned to dispatch the Letter of Offer to the shareholders promptly, in compliance with the regulatory standards set by the Companies Act, 2017 and the Companies (Further Issue of Shares) Regulations, 2020.

Furthermore, CEO Abdul Haseeb Fakih and Company Secretary Syed Ali Naqi are tasked with the responsibility of sending the offer letters to shareholders, which will include a renunciation letter allowing shareholders to relinquish their rights to others if they choose not to subscribe.

In addition, Fakih and Naqi are authorized to perform all necessary actions required for the share issue, including the filing of returns and other forms with relevant authorities. They will also handle any unsubscribed or partially subscribed shares, which will be available to the directors and substantial shareholders of the company, as regulated by the Companies (Further Issue of Shares) Regulations, 2020.

The CEO and Company Secretary have also been empowered to finalize and approve the contents of the letter of offer, ensuring it meets all the requirements and conditions stipulated for such issues under the relevant regulations.