Trust Securities approve virtual asset business, SPAC plan and Rs1 billion authorised capital

Profit by Pakistan Today reported that Trust Securities and Brokerage shareholders backed three proposals at the company’s annual meeting in Karachi on October 26. They approved exploring virtual-asset services, setting up or sponsoring a Special Purpose Acquisition Company (SPAC), and lifting authorised capital from Rs750 million to Rs1 billion. The capital increase is Rs250 million, but it does not by itself mean that new shares will be issued.

The company will need licences and other regulatory clearances before starting virtual-asset activities, which could include brokerage, custody, exchange, transfers, settlement and token issuance. The board will shape the business and its safeguards, while a proposed SPAC could raise funds through a public offering for permitted business combinations. The approved capital change also raises the authorised share count from 750 million to one billion ordinary shares, with a face value of Re1 each and equal voting rights.