Century Insurance to Raise Rs. 448 Million Through Rights Issue

Century Insurance Firm Limited (PSX: CENI) has approved a rights problem of around Rs.

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• According to a notice issued by the firm, the board approved the issuance of 44.814 million ordinary shares at Rs.
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Century Insurance Firm Limited (PSX: CENI) has approved a rights problem of around Rs. 448 million to strengthen its capital base and working capital position and meet enhanced regulatory capital requirements.

According to a notice issued by the firm, the board approved the issuance of 44.814 million ordinary shares at Rs. 10 per share, raising a total of Rs. 448.145 million.

For context, the right shares will be offered to existing shareholders in proportion to their holdings, with shareholders entitled to approximately 81 right shares for every 100 ordinary shares held. Roshan Digital Account Investments to Hit $14 Billion Next Month.

Notably, the firm stated the proceeds will primarily be applied to strengthen its paid up capital and reserves, improve its working capital position and enhance its financial stability. The extra capital is additionally projected to backing the company's underwriting capacity and business expansion.

Century Insurance remarked the stronger capital position will assist it comply with enhanced paid up capital requirements prescribed by the Securities and Exchange Commission of Pakistan and backing its ability to meet future expansion and solvency requirements.

Notably, the firm stated the extra funds will additionally support strengthen its financial position, improve risk retention, backing reinsurance arrangements and provide greater capacity to pursue new business opportunities.

Notably, the right matter is being offered at Rs. 10 per share, which the firm stated is below the prevailing market cost. Shareholders who do not subscribe to their entitlement will be subject to dilution of their existing shareholding. Stay Connected with ProPakistani.

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For now, century Insurance to Raise Rs. 448 Million Through Rights Issue remains the part of the story worth watching, and further updates are likely as more details are confirmed.