JSCL Moves to Invest Rs87m More in EFU Life

JSCL approved Rs86.96m more for EFU Life through 8.69m right shares, subject to shareholder approval on November 6.

Jahangir Siddiqui & Co. Limited (JSCL) has approved a further Rs86.96 million investment in EFU Life Assurance Limited, expanding its long-term equity commitment to the associated company. The proposed investment will involve subscribing to 8.69 million right shares at Rs10 each, subject to approval by shareholders.

In a notice submitted to the Pakistan Stock Exchange (PSX) on Wednesday, JSCL said its board of directors approved the investment at a meeting held on October 14, 2026. The transaction amounts to Rs86,963,390 and represents a further long-term equity investment in EFU Life.

Under the proposal, JSCL will subscribe to 8,696,339 right shares issued by EFU Life Assurance at their par value of Rs10 per share. However, the board’s approval does not finalise the transaction, as the investment remains conditional on shareholders passing a special resolution.

The company plans to seek the required approval at an extraordinary general meeting (EGM) scheduled for November 6, 2026, in Islamabad. The resolution will be sought under Section 199 of the Companies Act, 2017, which governs certain investments by companies.

The additional investment places EFU Life at the centre of another proposed capital allocation by JSCL, whose principal activities include managing strategic investments, trading securities and providing consultancy services. The latest announcement, however, does not disclose the total value of JSCL’s existing investment in EFU Life or the resulting ownership stake if the subscription proceeds.

The proposed transaction is therefore still awaiting a key corporate approval, with the November meeting set to determine whether JSCL can proceed with the additional share subscription. Until shareholders approve the special resolution, the Rs86.96 million investment remains a proposal rather than a completed transaction.