Karachi: Wasl Modaraba Management Limited has submitted an auditors’ certificate to request a No Objection Certificate (NOC) for the release of subscription funds related to the Wasl Mobility Modaraba’s right certificates, the company announced in a statement dated April 10, 2026.
The certificate confirms that as of March 30, 2025, the Modaraba received a total of Rs. 24,596,682 against the subscription of 4,842,514 right certificates. These certificates were issued as part of a larger right issue consisting of 31,325,724 certificates, with a total value of Rs. 150,144,194. The remaining unsubscribed portion, totaling 26,483,210 certificates and valued at Rs. 125,547,512, is pending allotment approval from the Registrar Modaraba, Securities & Exchange Commission of Pakistan.
The allocation of the unsubscribed right certificates is subject to regulatory approval and has been priced at Rs. 4.74 per certificate. The Board of Directors of Modaraba has approved the allotment, pending the necessary approvals as stipulated under sub Rule 4 of Rule 20 B of the Modaraba Rules, 1981.
The statutory auditors, M/s Riaz Ahmad & Co, Chartered Accountants, have verified the subscription amounts, detailing that Rs. 16,508,655 was received from the management company for 3,132,572 certificates, Rs. 1,393,072 from certificate holders via designated bank accounts for 294,518 certificates, and Rs. 6,694,955 through CDC’s online payment option for 1,415,424 certificates.
In a move to ensure transparency and regulatory compliance, Wasl Modaraba Management Limited has requested the issuance of an NOC in favor of Dubai Islamic Bank Limited, the banker to the issue, and the Central Depository Company of Pakistan Limited for the release of the subscription funds.
The Modaraba’s management bears the responsibility for compliance with the Companies Act, 2017, and the Companies (Further Issue of Shares) Regulations, 2020, as well as maintaining adequate accounting records and internal controls.
According to information available from the Pakistan Stock Exchange (PSX), the management is required to inform certificate holders of the exchange regarding the developments.
The Modaraba’s revised issued, subscribed, and paid-up capital post-right issue will amount to 134,234,190 certificates, valued at Rs. 1,318,513,442, after accounting for a discount of Rs. 23,828,458. This marks a significant move in the company’s capital structure, contingent upon the completion of ongoing formalities for the issuance and allotment of certificates.