The Karachi Stock Exchange (Guarantee) Limited’s issue of right shares and NOC

Karachi: Asia Insurance Company Limited

We are pleased to inform you that the subscription of the right issue has been duly completed on November 29, 2011 and full subscription amounting Rs. 50.00 million has been received in Asia Insurance Company Limited (Subscription) Account in Faysal Bank Limited including unsubscribed 132,359 shares that were subscribed by Mr. Ihtsham Ul Haq Qureshi the Director and Chairman/Chief Executive of the Company. Board resolution und Auditors, Certificate in this respect is attached herewith as per your requirements.

We wish to further inform you that CDC shares have been duly credited in the respective accounts of the shareholders. Confirmation from CDC is attached for your reference. We have made allotment of shares on December 12, 2011 and form-3 has been duly filed with CRO Lahore. A certified copy will be filed with KSE as soon as we receive from SECP.

You are requested to kindly acknowledge the receipt of above documents.

Corporate Resolution

This is to certify that at a meeting of the Board of Directors of Asia Insurance Company Limited, a company duly incorporated under the Companies Ordinance 1984, convened on November 26, 2011 at the Company’s registered office situated at 456-K Model Town Lahore. The following resolution was passed and duly adopted by the Board of Directors as Resolution in conformity with the provisions of the Companies Ordinance, 1984 and the Memorandum and Articles of Association of Asia Insurance Company Limited in full force and effect.

“Resolved that the board has decided to give the option to Mr. Ihtsham Ul Haq Qureshi Director / Chairman / Chief Executive of the Company to subscribe the portion of unsubscribed right shares.”

“Further resolved that Chief Executive of the company or any one of the Directors or the Company Secretary be and are hereby authorized to complete all legal formalities in connection with Right Issue of Shares.”

Karamat Ullah Company Secretary of Asia Insurance Company Limited do hereby certify that the foregoing is a full, true and correct copy of the resolution passed by the directors of the company in as meeting which was duly and regularly called and held in all respect as required by law and by the Articles of Association of the Company at the office thereof November 26, 2011.

Karamat Ullah company secretary of Asia Insurance Company Limited further certify that the said resolution is still in force and has not been amended and that the authorized, signatory are authorized to sign for the company pursuant to this resolution.

In Witness Whereof, I have set my hand as such secretary and affixed the corporate seal of the company this December 15, 2011 in the presence of the Chairman/Director of the Company who has also signed this resolution.

Company Secretary

Chairman / Director

Receipt of Right Shares Subscription

In respect to this communication received from the Asia Insurance Company Limited, we, after examining the records produced to us, hereby certify that a sum of Rs. 50,000,000/- (Rupees Fifty Million only) was received till 29 November 2011 in the bank accounts titled “Asia Insurance Company Limited – Subscription” with Faysal Bank Limited, Lahore Cantt. Branch, Lahore. On allotment of shares against the subscription received, the company’s paid up capital would increase from Rs. 250,000,000/- (Rupees Two Hundred and Fifty Million) to Rs. 300,000,000/- (Rupees Three Hundred Million) and in terms of shares from 25 million ordinary shares to 30 million ordinary shares.

It is further certified that all requirements with regards to allotment of shares in the name of CDC have been fulfilled by the Issuer. The right issue was made at par thereof conditions usually imposed by the regulatory body in respect of right issue at discount were not applicable.

It is stated that the undersigned are the statutory auditors of the company and this certificate is being worded and Issued on specific request of the client.

Asia Insurance Company Limited Credit of Right Shares into CDS

We refer to your confirmation letter regarding the captioned subject. This is to state that 1,817,619 ordinary shares of the above mentioned security have been credited into respective accounts/sub-accounts in the Central Depository System, at end of day of December 13, 2011.

Furthermore, these securities have been made available to respective Account holders/ Sub-Account holder and / or Investor Account holders for transaction from today i.e. December 14, 2011.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

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