Karachi: We have to inform you for necessary action at your end that sponsors of the Company M/s. Bibojee Services (Pvt) Ltd, have fully subscribed Rs. 37,500,000/- for issuance of 3,750,000 Ordinary Shares of Rs. 10/- each at par as allowed by Securities and Exchange Commission of Pakistan vide their letter No.ID/ENF/Universal/2011/11245 dated December 14, 2011. The Capital of the Company now enhanced from Rs. 262.5 million to Rs. 300 million.
1. Copy of Special Resolution passed by shareholders in E.O.G.M. held on November 29, 2011
2. Copy of approval of S.E.C.P. under proviso of Sub-Section (1) of Section 86 of the Companies Ordinance 1984.
3. Attested copy of Form-3
4. Auditors Certificate confirming the total Paid-up Capital of the Company.
Extracts of the Special Resolution passed in the Extra Ordinary General Meeting of the Share holders of the Company held on November 29, 2011 at Registered Office of the Company at Universal insurance House, 63-Shahrah-e-Quaid-e-Azam, Lahore at 10:00 A.M.
“Resolved that the Paid-up Capital of the Company, currently amount to Rs. 262.50 million (Rupees Two Hundred Sixty Two Million and Five Hundred Thousand Only) divided into 26,250,000 Ordinary Shares of Rs. 10/- each, be increased to Rs, 300 million (Rupees Three Hundred Million) divided into 30,000,000 Ordinary Shares of Rs, 10/- each by offering 3,750,000 Ordinary Shares of Rs. 10/- each at par to sponsors and directors of the Company and to such persons to whom the directors may deem fit to issue shares to fulfill the requirements of the minimum Paid-up Capital i.e. 300 million (Rupees Three Hundred Million) by December 31, 2011, as required under Section 28 of the Insurance Ordinance 2000. and under SECP circular No.3 of 2007 .”
“Further resolved that the Company Secretary is hereby authorized to take all necessary steps in this respect including obtaining permission from the Securities and Exchange Commission of Pakistan under proviso to Sub-Section (1) of Section 86 of the Companies Ordinance 1984 and to undertake other necessary formalities in this behalf.”
Securitas and Exchange Commission of Pakistan Insurance Division
Approval under First Proviso of Section 86 (1) of the Companies Ordinance, 1984
This is with reference to your application dated November 30, 2011 requesting the Commission to grant permission to M/S Universal Insurance Company Limited (the “Company”) under first proviso of Section 86(1) of the Companies Ordinance, 1984 increase its paid up capital without issuance of right shares.
In exercise of the powers conferred upon the undersigned through S.R.O 665(I)/2003 the Company is hereby allowed to increase its paid up capital by way issuance of 3,750,000 ordinary shares at Rs. 10/- each to Ms/s Bibojee Services (Pvt) Ltd.
The Universal Insurance Company Limited (“the company”) – Further Issue of Share Capital at Par Other Than Right
We, the statutory auditors of the company, have examined the relevant records maintained by the company regarding further issue of share capital at par other than right. We report that the company has received subscription amount of Rupees 37,500,000 against issue of 3,750,000 ordinary shares of Rupees 10 each issued at par. After the said issue of shares, the paid-up share capital of the company is Rupees 300,000,000.
For more information, contact:
The Universal Insurance Company Limited
Head Office: Universal Insurance House. 63,
Shahrah-e-Quaid-e-Azam Lahore 54000,
Tel: (042) 37353458-37353453
Fax: (042) 37230326, (92-42) 37353209