Crescent Star Insurance Limited (CSIL) has received approval from the Securities and Exchange Commission of Pakistan (SECP) for its right issue at PKR 3 per share, marking a significant step in the company’s strategy to strengthen its capital base and support sustainable growth.
The company shared this development with the Pakistan Stock Exchange (PSX) through a notification on Friday.
“Crescent Star Insurance Limited (CSIL) is pleased to announce that the Securities & Exchange Commission of Pakistan (SECP) has granted its approval for the Company’s Right Issue at PKR 3 per share, as earlier announced to the Pakistan Stock Exchange,” read the notice.
The approval comes as part of CSIL’s ongoing efforts to enhance its business capacity and expand its range of services.
The proceeds from the right issue will enable CSIL to enhance its underwriting capacity and further diversify its business lines, ensuring long-term sustainability and growth.
The approval follows a recent favorable decision by the Islamabad High Court, which ruled that the cessation of CSIL’s Guarantee business was unlawful and void, restoring the company’s Guarantee business. This outcome aligns with CSIL’s commitment to compliance and responsible governance while reducing dependency on a single class of business.
These developments coincide with a resurgence in CSIL’s share performance on the Pakistan Stock Exchange, reflecting investor confidence. In addition to the right issue, CSIL has announced plans to acquire SG Power Limited under the Takeover Ordinance, positioning the company to capitalise on future opportunities and deliver value to its shareholders.
