Modaraba Al Mali : ISSUANCE OF NO OBJECTION CERTIFICATE(NOC) FOR THE RELEASE OF RIGHT CERTIFICATES SUBSCRIPTION MONEY

M A N A G E D B Y

The General Manager	Jul 14, 2023
Pakistan Stock Exchange Limited
Stock Exchange Building, I.I. Chundrigar Road, Karachi.
Subject:	Issuance of No Objection Certificate (NOC) For the Release of Right Certificates
	Subscription Money

Dear Sir,

In compliance of clause 9 of Annexure-II of the "Procedure to be Complied with for Right Shares" provided in PSX letter No. PSX/C-572-566 dated April 03, 2023, we hereby confirm that 11,392,970 right shares (Modaraba certificates) offered by the Modaraba Al-Mali ("the Modaraba") have been fully subscribed. The Details of right subscription are as follows:

Description	No. of Right Shares	Amount in PKR
Total Issue Size	11,392,970	113,929,700
Sponsors/Substantial Shareholders	1,305,880	13,058,800
Subscription by General Public	9,121	91,210
Un-Subscribed Amount	10,077,969	100,779,690

The Board of Directors in their meeting held on July 10, 2023, in pursuant to Section 83(1)(a)(iv) of the Companies Act, 2017 allocated the unsubscribed portion to different entities/companies, instead of calling upon the underwriters. Certified copy of the board resolution is enclosed as Annexure-A. Subscription of this portion has also fully received till July 11, 2023.

In this regard, auditors' certificate dated July 11, 2023 from our statutory auditors of the Modaraba, M/s Kreston Hyder Bhimji & Co. Chartered Accountants confirming the receipt of full subscription money amounting to Rs. 113,929,700/- against the right shares (Modaraba certificates) is enclosed as

Annexure-B.

In view of the above submission, you are requested to issue "No Objection Certificate (NOC)" in the name of following banks for release of subscription amount received in bank accounts maintained for the purpose of the Right Issue as your earliest.

1. Faysal Bank Limited
2. JS Bank Limited

You are further requested to issue "No Objection Certificate (NOC)" in the name of Central Depository Company of Pakistan Limited for release of subscription amount received in eLoR through 1-Link.

Thanks & regards

Muhammad Adeel Rehman

Company Secretary

CC:

I.	The Executive Director/HOD
	Offsite-II Department, Supervision	II.	The Registrar
	Division		Modaraba Companies & Modarabas
	Securities & Exchange Commission of		Securities & Exchange Commission of
	Pakistan		Pakistan

M A N A G E D B Y

ANNEXURE - A

EXTRACT OF RESOLUTION PASSED BY THE BOARD OF DIRECTORS OF

THE MODARABA AL MALI ("MODARABA") ON JUL 10, 2023

RESOLVED THAT in accordance with the Board of Directors Resolution dated March 29, 2023, and in compliance with Section 83(1)(a)(iv) of the Companies Act, 2017, approval be and is hereby accorded for the issuance of the Modaraba certificates to the following subscribers against the left-over unsubscribed portion amounting to PKR 100,779,690/-, out of the total 14.34% Right Issuance amounting to PKR 113,929,700/- at par value of Rs. 10/- per Modaraba certificate.

Sr.	Companies	Against Cash	Shares Offered
1	LSE Capital Limited (formerly AssetPlex Limited)	50,779,690	5,077,969
2	Digital Custodian Company Limited	50,000,000	5,000,000
	Total	100,779,690	10,077,969

FURTHER RESOLVED THAT the prospective subscribers, be and are hereby asked to deposit their respective share subscription amounts in any of the Modaraba Al-Mali Right Subscription Accounts being maintained with Faysal Bank Limited and JS Bank Limited on or before July 12, 2023 through cash/cheque or pay order.

FURTHER RESOLVED THAT the Chief Executive Officer and the Company Secretary of the Modaraba be and is hereby singly authorized to take all necessary actions to give effect to the above resolutions including but not limited to the allotment of subscribed including unsubscribed new offered Modaraba certificates to others, execute the requisite documents and complete all formalities of the Right Issue on behalf of the Modaraba.

Muhammad Adeel Rehman

Company Secretary