Soneri shares credited to CDS accounts electronically

KARACHI: For the first time in the history of Pakistan’s capital market, 96.99 million Unpaid Rights of Soneri Bank were credited in electronic form to shareholders’ respective Central Depository System (CDS) accounts in the form of separate security on January 1.

“After recent implementation of the Electronic Unpaid Rights in the CDS, Soneri Bank is the first organisation in the corporate sector to have issued Unpaid Rights through the CDS,” according to a press statement issued by the Central Depository Company (CDC).

Shareholders now have the option to subscribe, fully as well as partially, to the right issue by making required payment at designated bank branches before the last payment date which is February 22, the statement added.

Upon completion of the subscription process, Unpaid Rights’ security would be cancelled and ordinary shares would be credited to the respective accounts of the shareholders.