Karachi: Wasl Modaraba Management Limited has received approval from the Securities & Exchange Commission of Pakistan (SECP) to issue 31,325,724 right Modaraba certificates at a discount, facilitating an injection of Rs 154 million into Wasl Mobility Modaraba's fund. The SECP's decision, as communicated in a letter dated January 26, 2026, arrives as a condition for the transfer of management of the Modaraba.

The issuance will see existing certificate holders and the Modaraba Management Company receiving certificates at discounted rates of Rs 5.26 and Rs 4.73 per certificate, respectively. The announcement is a significant step following Wasl Mobility Modaraba's application on November 3, 2025, and subsequent correspondence with SECP.

According to information available from the Pakistan Stock Exchange (PSX), the move aims to bolster the financial capacity of Wasl Mobility Modaraba, formerly known as First Prudential Modaraba. The new certificates will rank pari passu with existing ones in terms of bonuses, rights, and cash dividends, once issued.

The SECP has outlined specific conditions for the issuance, including proportional offering to existing holders, accompanied by a circular detailing the financial and operational rationale behind raising additional funds. Failure to uptake by current holders will allow the board of directors to allocate certificates as deemed appropriate, pending Registrar approval.

The entire process is contingent upon compliance with the Companies Act, 2017, Modaraba Companies and Modaraba Rules, 1981, and any directives from the Commission. This regulatory framework ensures that the issuance aligns with legal standards while addressing the operational needs of the Modaraba.