Karachi: Wasl Modaraba Management Limited has announced the dispatch of letters of rights and CDC intimation letters to its certificate holders, marking an important step in its rights issuance process. The company confirmed that these documents, along with Schedule 1 (Offer Document), were sent out on March 6, 2026, as part of its ongoing efforts to manage the rights issue effectively.

Wasl Modaraba Management Limited, formerly known as First Prudential Modaraba, has credited unpaid rights to the respective Central Depository System (CDS) accounts of its certificate holders. This credit was executed on March 4, 2026, providing 0.2421 right certificates for every one certificate held as of the close of business on March 2, 2026. The rights issue comes with a set of key dates for various activities, beginning with the subscription start date and trading commencement on March 5, 2026, and ending with the last date of subscription on March 30, 2026.

According to information available from the Pakistan Stock Exchange (PSX), Wasl Modaraba has outlined a detailed process for the subscription and payment of these rights. Certificate holders can renounce their rights in favor of other individuals, and the company has provided a comprehensive procedure for exercising the right offer into CDS. Payments for the rights must be made by cash or crossed cheque, demand draft, or pay order, and non-resident or foreign certificate holders have specific guidelines for submitting their payments in Pakistani Rupees.

The company also highlights the introduction of an online payment facility through 1Link, allowing investors to make payments via multiple banking channels such as internet banking, ATMs, and mobile banking. This initiative aims to streamline the payment process for rights subscription, ensuring efficiency and convenience for investors.

Additionally, the procedure for depositing physical letters of rights into CDS must be completed by March 10, 2026, seven business days before the last trading date. Account holders are required to follow the normal deposit procedures, ensuring that all documentation is in order.

Any fractional rights resulting from the rights issuance will not be distributed to individual certificate holders. Instead, these fractions will be consolidated, and the resulting whole certificates will be sold on the Pakistan Stock Exchange. The net proceeds from such sales will be distributed to the entitled certificate holders in proportion to their fractional entitlements or could be donated to a charitable institution, subject to regulatory approval and Shariah compliance.