Trust Securities & Brokerage eyes PVARA licenses, SPAC launch

Mettis Global reported that Trust Securities & Brokerage Limited (TSBL) intends to apply to the Pakistan Virtual Assets Regulatory Authority for licences for custody, exchange, and transfer and settlement of virtual assets. The applications will be made under the Virtual Assets Act, 2026, and the board has cleared the move. TSBL said it has yet to start any regulated virtual asset business and will wait for all required approvals before doing so.

TSBL is also weighing a launch of special purpose acquisition companies, a plan the board has asked management to take forward subject to shareholder approval and regulatory clearances. The company called the SPAC initiative preliminary and said none of the deals, public offerings, acquisitions or mergers has been concluded or approved. It will share further particulars on structure, scale and timing once the necessary decisions come through.

Separately, TSBL wants to lift its authorised share capital from Rs750mn to Rs1bn, which would take ordinary shares of Re1 each from 750mn to 1bn, and this needs a special resolution of shareholders. The board approved the proposal on September 25, 2026, and it will be presented to shareholders at the Annual General Meeting on Monday, October 26, 2026. If the increase goes ahead, the memorandum and articles of association will be amended accordingly.