Jahangir Siddiqui & Co. Limited has approved a further long-term equity investment of Rs86.96 million in EFU Life Assurance Limited through the proposed subscription of more than 8.69 million right shares. The investment will proceed subject to approval from the company’s shareholders, according to a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday.
The company’s board of directors approved the proposed investment during a meeting held on October 14, 2026. Under the plan, Jahangir Siddiqui & Co. will subscribe to 8,696,339 right shares issued by EFU Life Assurance, an associated company, at a par value of Rs10 per share. The total amount involved in the transaction is Rs86,963,390, equivalent to approximately Rs86.96 million.
The proposed investment represents a further allocation of capital by Jahangir Siddiqui & Co. towards its equity interest in EFU Life Assurance. However, the board’s approval does not complete the transaction, as the company must first secure the necessary consent from shareholders. The required approval will be sought through a special resolution under Section 199 of the Companies Act, 2017, as stated in the stock exchange notice.
To obtain the required consent, the board has also approved convening an extraordinary general meeting on November 6, 2026, in Islamabad. Shareholders will be asked to consider and approve the proposed investment at the meeting. The outcome of the meeting will determine whether the company can proceed with the subscription of the right shares under the proposed arrangement.
Right shares are generally offered by a company to existing shareholders to raise additional capital, with the terms of an offer determining how eligible investors can subscribe. In this case, the proposed subscription involves shares of EFU Life Assurance, which Jahangir Siddiqui & Co. identifies as an associated company. The planned transaction is therefore subject to the relevant corporate approval requirements before it can be completed.
Jahangir Siddiqui & Co. Limited was incorporated on May 4, 1991, as a public unquoted company under the Companies Ordinance, 1984, which has since been repealed. The company operates across several areas, including the management of strategic investments, securities trading and consultancy services. Its investment activities form part of its broader corporate operations, while the proposed EFU Life Assurance transaction adds another investment decision requiring shareholder consent.
The announcement provides the proposed investment amount, the number of shares to be subscribed and the conditions that must be met before the transaction can proceed. The extraordinary general meeting scheduled for November 6 will be the next key step in the approval process. Until shareholders pass the required special resolution, the additional Rs86.96 million investment remains subject to approval rather than a completed transaction.
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