TSBL Seeks PVARA Licenses for Virtual Asset Services and Considers SPAC Launch

September 25, 2026 (MLN): Trust Securities & Brokerage Limited (PSX:TSBL) plans to apply with the Pakistan Virtual Assets Regulatory Authority (PVARA) for licenses covering custody, exchange, and virtual asset transfer and settlement services. The company is also evaluating a potential launch of Special Purpose Acquisition Companies (SPACs).

The Board of Directors has approved the intention to pursue these licenses in line with the Securities Act, 2015, and the PSX Rule Book.

Separately, the Board has advised management to initiate steps toward a proposed SPAC initiative, including seeking shareholder approval and necessary regulatory clearances as required by applicable laws.

Applications for virtual asset services are being processed under the regulatory framework established by the Virtual Assets Act, 2026, which governs the licensing, regulation, and supervision of Virtual Asset Service Providers (VASPs) in Pakistan.

PVARA is responsible for licensing and supervising such providers and has defined several categories of virtual asset services, including custody, exchange, and transfer and settlement.

The initiative aims to position the company to explore opportunities within the emerging virtual asset ecosystem, subject to securing all required approvals, licenses, and authorizations from PVARA and other relevant regulatory bodies.

TSBL emphasized that it has not yet commenced any regulated virtual asset services and will not undertake such activities until the necessary approvals and licenses are obtained.

The matter will be presented at the company’s upcoming Annual General Meeting, which may require amendments to the memorandum and articles of association.

Regarding the SPAC initiative, the proposal is intended to enable TSBL to participate in and facilitate opportunities related to the formation, structuring, public offering, and listing of SPACs under Pakistan’s regulatory framework for these instruments.

The company noted that the initiative remains in a preliminary stage, with no definitive transaction, offering, acquisition, or merger concluded or approved so far.

Further details, including structure, number, timing, and size of any proposed SPAC(s), will be disclosed as approvals and decisions are finalized.

In addition, TSBL is moving to increase its authorized share capital, pending shareholder approval via a special resolution.

The Board of Directors approved this proposal during a meeting held on September 25, 2026, in accordance with the Securities Act, 2015, and the PSX Rule Book.

Authorized Share Capital

Ordinary Shares (Re1 each)

Following the increase, the relevant clauses of the company’s Memorandum of Association and Articles of Association will be updated accordingly, subject to requisite approvals.

The proposal will be submitted to shareholders for approval at the Annual General Meeting scheduled for Monday, October 26, 2026.

This information was communicated through a notification to the Exchange.

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