Karachi: Tariq Corporation Limited has formally approved the allocation of unsubscribed Right Shares to its Chairman, Mr. Ahmed Ali Tariq, as per the Board's resolution dated July 30, 2026. This decision was made in accordance with the Companies Act, 2017, avoiding the need to call upon underwriters for the Right Issue.

The subscription period for the Right Issue, consisting of 15,793,750 ordinary shares at a price of PKR 20 each, concluded on July 24, 2026. During this period, a total of 13,495,996 shares were subscribed, amounting to PKR 269,919,920. The remaining 2,297,754 shares, valued at PKR 45,955,080, were unsubscribed.

According to information available from the Pakistan Stock Exchange (PSX), the Board of Directors exercised its discretion under the Underwriting Agreement to allocate the unsubscribed shares directly to Mr. Ahmed Ali Tariq. This move is part of the company's strategic decision-making under the Companies (Further Issue of Shares) Regulations, 2020.

The Board has granted Mr. Ahmed Ali Tariq, in collaboration with Mr. Mustafa Ali Tariq, the Chief Executive of the Company, the authority to sign the share certificates. Additionally, the Chief Executive Officer and the Company Secretary have been empowered to execute all necessary actions to complete the Right Issue, including making pertinent disclosures and filings.

The resolutions passed since the last meeting have been ratified, ensuring compliance with the regulatory framework and the company's Articles of Association. The auditor's certificate, confirming the receipt of the full amount of the Right Issue, will be communicated to the Exchange in due course.