Trust Securities & Brokerage eyes PVARA licenses, SPAC launch

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

The Board of Directors cleared the intention to pursue the licenses in accordance with the applicable provisions of the Securities Act, 2015, and the PSX Rule Book.

Separately, the Board also advised the company to proceed with the necessary steps toward a proposed SPAC initiative, including seeking shareholders' approval and regulatory clearances, as required under applicable laws.

On the virtual assets front, the applications are being pursued 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 the authority responsible for licensing and supervising such providers and has prescribed several categories of virtual asset services, including custody, exchange, and transfer and settlement.

The move is aimed at positioning the company to explore opportunities in the emerging virtual asset ecosystem, subject to obtaining all requisite approvals, licenses and authorizations from PVARA and any other relevant regulatory authorities.

TSBL clarified it has not commenced any regulated virtual asset services and will not undertake such activities until the necessary approvals and licenses are secured.

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

On the SPAC front, the proposed initiative is intended to enable TSBL to participate in and facilitate opportunities relating to the formation, structuring, public offering and listing of SPACs, in accordance with the regulatory framework governing SPACs in Pakistan.

The company said the initiative is at a preliminary stage, with no definitive transaction, offering, acquisition or merger concluded or approved to date.

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

Furthermore, TSBL is moving to raise its authorized share capital, subject to shareholders' approval by way of a special resolution.

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

Consequent to the increase, the relevant clauses of the company's Memorandum of Association and Articles of Association will be amended accordingly, subject to requisite approvals.

The matter will be placed before shareholders for approval at the Annual General Meeting, scheduled for Monday, October 26, 2026.

The aforementioned information was disseminated through a notification to Exchange.

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