NOTICE
PSX/N-1156 | December 02, 2024 |
Reproduced hereunder letter dated December 02, 2024 received from East West Insurance Company Limited along with the relevant details/information pertaining to Issuance of Right letters by the Company and the Schedule of Trading, for information of all concerned.
Trading & TREC Affairs Department | UAN: +9221 111-00-11-22 | E-mail: info@psx.com.pk | Web: psx.com.pk
E A S T W E S T I N S U R A N C E COMPANY LIMITED
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EAST WEST INSURANCE COMPANY LIMITED
Head Office: 401, 404, Block "B" , 4th Floor, Lakson Square Building No. 3, Sarwar Shaheed Road, Karachi.
Tel: (092-021) 35630400-411, Email: info@ewi.com.pk
Share Registrar Name: M/s. THK Associate (Pvt.) Ltd.
Address: Plot # 32-C, Street # 2, D.H.A, Phase VII, Karachi.
Tel: (092-021).35310191,35310193, Email: sfc@thk.com.pk
INTIMATION LETTER REGARDING RIGHT ENTITLEMENTS CONFIRMATION
IMPORTANT: NOTES AND INSTRUCTIONS ARE GIVEN ON PAGE 2, WHICH SHOULD BE CAREFULLY READ AND FOLLOWED.
ISSUE OF 33,375,390 ORDINARY SHARES OF RS. 10/- EACH AT PAR (FACE VALUE OF RS. 10/- PER SHARE) PAYABLE IN FULL ON ACCEPTANCE ON OR BEFORE DECEMBER 24, 2024.
November 30, 2024
NAME AND ADDRESS OF SHAREHOLDER
Dear Shareholder(s),
NAME(S) OF JOINT HOLDER(S), IF ANY
In accordance with the provisions of section 83 of the Companies Act, 2017 the provisions of the Companies (Further Issue of Shares) Regulations, 2020 and the decision of the Board of Directors of the Company in their meeting held on October 30, 2024, we are pleased to inform you that your entitlement with respect to Right Shares in the ratio of 15 Ordinary Shares for every 100 Ordinary Shares registered in your name as of the close of business on November 29, 2024, have been credited into your CDS Account. Thus, a physical letter of right is not required to be issued to you.
CDS Account No.
No. of Ordinary Shares Held
Right Offer Credited*
*This Right Offer is now available for trading and settlements in book entry form as per scheduled dates of trading i.e., from December 5, 2024 to December 24, 2024.
The Right Offer (at the subscription price of Rs. 10/- per share) must be accepted and paid for in full to the extent of such subscription on or before December 24, 2024. For the purpose of exercising the Right Offer, you will have to request the CDC Participant / Investor Account Services (IAS) department (on behalf of IAS Account holders) to initiate Right Subscription Request transaction into CDS on your behalf. Upon execution of right subscription Request, CDC Participant/IAS Department will provide two copies of Right Subscription Request printouts to you to make the payment with authorized banker to the Right Issue for shares as mentioned in the right subscription request printout. If any right offer is not taken up by the CDS account holder on or before December 24, 2024, then these right offers shall be deemed to have been declined by you and will be treated as cancelled. In that event these will be offered to and taken up as decided by the Board of Directors of the Company as per requirement of Section 83 of the Companies Act, 2017.
All fractional entitlements will be consolidated and disposed of on the Pakistan Stock Exchange Limited by the Company and the proceeds from such disposition will be distributed to the entitled shareholders of the Company in accordance with their respective entitlements in the manner provided under the applicable laws.
Please note that once the Right Subscription Request has been initiated by CDC Participant/IAS Department into CDS, Right Offer to the extent included in such request will be blocked and therefore, cannot be traded further. Please also note that Ordinary Shares against paid Right Subscription Request will be credited into your respective CDS Account within 14 business days from the last payment date.
Information required under Schedule 1 of the Companies (Further Issue of Shares) Regulations, 2020 is attached to this letter.
Yours Sincerely,
For East West Insurance Company Limited,
Naved Yunus | Tanveer Iqbal |
Chief Executive Officer | Chief Financial Officer |
E A S T W E S T I N S U R A N C E COMPANY LIMITED
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OFFER LETTER REGARDING RIGHT ENTITLEMENTS
PAYMENT OF RIGHT OFFER BY CDS ACCOUNT HOLDERS
Detail of Trading, Subscription and Credit of Right securities for CDS Account holders:
Activities | Date |
Date of commencement of trading of unpaid right at Stock Exchange | December 5, 2024 |
Last Date of trading of unpaid right | December 17, 2024 |
Subscription of Right Offer Start Date | December 5, 2024 |
Last date of subscription Of Right Offer | December 24, 2024 |
Date of credit of right shares into CDS | December 27, 2024 |
PAYMENT PROCEDURES:
- BANKERS TO THE RIGHT ISSUE:
Banker to the | Branches for | Account Title | Account No./IBAN | Branch Name where |
issue | payment | the account is | ||
maintained | ||||
JS Bank Limited | All Branches | East West Insurance | PK35JSBL9124000001461133 | Shaheen Complex |
Co., Ltd-Right Shares | branch, Karachi. | |||
Subscription Accounts |
- EXERCISING THE RIGHT OFFER IN CDS
- For subscription of Right Offer, CDS account holders will request in writing to his/her CDC participant/IAS Department to initiate Right Subscription Request into CDS on his/her behalf and CDC Participant/IAS Department will provide him/her two copies of Right Subscription Request printouts enabling him/her to make the payment with authorized Banker to the Right issue. Right Subscription Request can be initiated for full or partial Right offer.
- PAYMENT:
- Payment as indicated on Right Subscription Request should be made by cash or crossed cheque or demand draft or pay order made out to the credit of "East West Insurance Co. Ltd. -Right Shares Subscription Account" through the above-mentioned branches of the Bankers on or before December 24, 2024 along with the Right Subscription Request duly filled in any signed by the subscriber(s).
- In case of Non-Resident Pakistani / Foreign shareholder, the demand draft of equivalent amount in Pak Rupees should be sent to the Company Secretary East West Insurance Co., Ltd at the registered office of the Company along with the Right Subscription Request (both copies) duly filled and signed by the subscriber(s) with certified copy of NICOP/Passport well before the last date of payment on or before December 24, 2024.
- All cheques and draft must be drawn on a bank situated in the same city where Right Subscription Request is deposited. Cheque is subject to realization.
ONLINE PAYMNET OPTION FOR ACCOUNT HOLDER / SUB-ACCOUNT / IAS ACCOUNT HOLDERS: - CDC has introduced Online Payment facility through 1 Link for Right Subscription. The Investor Account Holder can make payment for their respective rights subscribed against 1 Bill Payment ID printed on the top right-hand side of the Right Subscription Request (generated by CDS) through all the available banking channels of 1 Link's member banks (such as Internet Banking, Automated Teller Machines (ATM) and Mobile Banking. The Bankers will not accept Right Subscription Request delivered by post which may reach after the closure of business on November 29, 2024 unless evidence in available that these have been posted before the last date of payment.
- ACCEPTANCE OF PAYMENT THROUGH RIGHT SUBSCRIPTION REQUEST:
- Payment of the amount indicated on Right Subscription Request to the Company's Banker to the issue or through online banking channels of 1Link's member banks on or before December 24, 2024 shall be treated as acceptance of the Right offer.
- Two copies of Right Subscription Request (along with copy of CNIC) should be handed over to the Company's Banker to the issue intact. Client's copy of Right Subscription Request will be returned to the subscriber whilst Issuer's copy will be retained by the Banker for onward transmission to the Company. The Client's copy must be preserved and retained safely by the subscriber.