First Prudential Modaraba

Management Company

Management Rights of First Prudential Modaraba:

The Registrar Modaraba, Securities & Exchange Commission of Pakistan (SECP), vide order no. SC/M/RW/KASB/2020-35 under letter no. SC/M/PROD/KASB/2019/36 dated January 31, 2020, appointed Awwal Modaraba Management Limited (AMML) as the Management Company of First Prudential Modaraba with effect from February 3, 2020. Resultantly AMML has taken over the management control of First Prudential Modaraba with the same date. The Modaraba was previously managed by the Administrator, appointed by the SECP vide order dated April 03, 2019 issued by the Registrar Modaraba.

About the Management Caompany (Awwal Modaraba Management Limited -AMML)

"Awwal Modaraba Management Limited (AMML) is licensed by the Registrar Modaraba Companies and Modaraba, Securities and Exchange Commission of Pakistan to float and manage multipurpose Modaraba Funds. The Company was incorporated on June 5, 2014 with an authorized and paid-up capital of PKR 300 million and PKR 105 million, respectively, as a wholly owned subsidiary of Pak Brunei Investment Company Limited (“Pak Brunei”). The establishment of a Modaraba Management Company (MMC) is expected to translate into significant financial benefits for its shareholders and investors in the Modaraba funds. Modarabas offer an efficiently capitalized structure, capable of raising funds from multiple markets; combined with tax exemptions, make them attractive vehicles to manage focused investment strategies that are responsive to client needs while delivering long-term value for Modaraba certificate holders. AMML will play a role in the economic progress and development of Pakistan by providing a range of advisory services and financial support, through Shari’ah compliant modes; to viable projects in high growth, capital starved sectors of the economy. AMML aims to be at the vanguard of innovation in modaraba management services, offering the best solutions to our customers, value to our shareholders and modaraba investors, complemented with a challenging, equal opportunity environment to our employees."