By BR Web Desk

Copyright brecorder

Crescent Star Insurance Limited (CSIL) announced on Friday that it had received approval from the Securities & Exchange Commission of Pakistan (SECP) to go ahead with its rights issue at Rs3 per share.

CSIL shared the development in a notice to the Pakistan Stock Exchange (PSX) today.

“The rights issue proceeds will enable CSIL to further enhance its underwriting capacity, expand business lines, and build on the strong foundation that has been created over the past years,” the company told the bourse.

The development follows the recent decision of the Islamabad High Court, which declared the directives ceasing CSIL’s Guarantee business as unlawful and void.

It added that with the positive outcome, CSIL’s
Guarantee business has been restored, further reflecting the company’s strong belief in compliance, responsible governance, and a strategy of diversifying its portfolio to reduce dependency on any single class of business.

Crescent Star Insurance Limited is a registered insurer with the SECP with a paid-up capital of R1,077 million.

The company, established in 1957, has been underwriting general insurance business of motor, health, fire, marine, engineering, travel, livestock, crop and miscellaneous across Pakistan.