KARACHI, Jan 6: Union Insurance Company of Pakistan Limited said that it had fully-paid up capital of Rs54.57 million before the last date given by the Securities and Exchange Commission of Pakistan (SECP), i.e December 31, 2002.

Union was one of the 12 insurance companies that, last week, were asked by the SECP to cease underwriting business due to the inadequacy of paid-up capital — i.e not being up to Rs50 million. The company, nonetheless, said it had conveyed to the SECP, KSE and LSE that it had met the capital requirement prior to Dec 31.

Union Insurance Company’s paid-up capital earlier was Rs49.61 million, which had been raised to Rs54.57 million by the issue of right shares at 10 per cent, valuing Rs4.96 million. The company claimed that the right issue had been fully subscribed and completed before the last date stipulated by the SECP.