Karachi: Tariq Corporation Limited has successfully completed the subscription of its right shares, securing full participation from both its existing shareholders and the general public. The company has now requested a No Objection Certificate (NOC) to facilitate the release of funds from Askari Bank Limited and the Central Depository Company of Pakistan Limited.
According to the report dated July 30, 2026, Tariq Corporation Limited confirmed that 15,793,750 right shares were fully subscribed, generating a total of Rs. 315.88 million. This follows the guidelines detailed in clause 7(xiv) of the "Right Shares Issue Procedure" and has been certified by the company's statutory auditors, M/s Kreston Hyder Bhimji & Co., Chartered Accountants.
The auditors' certificate, issued at the request of Tariq Corporation's management, verifies the receipt of subscription money from the company's directors, substantial shareholders, and the general public. This certification is a prerequisite for submission to the Pakistan Stock Exchange and the Central Depository Company of Pakistan. According to information available from the Pakistan Stock Exchange (PSX), this step is vital to proceed with the issuance of the NOC.
In detail, the subscription money includes Rs. 257.16 million from the company's directors and substantial shareholders for 12,858,230 shares, Rs. 12.76 million from the general public for 637,766 shares, and Rs. 45.96 million for 2,297,754 shares that were initially unsubscribed but later allocated to a company director. The accumulated funds have been confirmed through bank statements provided by Askari Bank Limited and verified by the statutory auditors.
The issuance of right shares has resulted in a revised paid-up capital of Rs. 820.00 million, increased from the previous Rs. 662.06 million. The company awaits the NOC to release the subscription money, following the Board of Directors' resolution dated July 30, 2026.
Tariq Corporation Limited's successful subscription reflects shareholder confidence and positions the company for its future financial undertakings.