Tariq Corporation Limited (PSX: TCORP) has approved the conversion of 14.445 million non-voting convertible preference shares into 7.2225 million ordinary shares.

The company disclosed the development to the Pakistan Stock Exchange, saying its Board approved the conversion through a resolution passed by circulation on September 22, 2026.

The Board also approved payment of accumulated dividends on the preference shares up to September 30, 2026. The decisions remain subject to final review and certification by the company’s auditors.

Following the conversion, Tariq Corporation’s paid-up ordinary share capital will increase from 82 million shares to 89.2225 million shares.

The company said the conversion is being carried out under the terms set out in the preference shares’ term sheet.

Tariq Corporation’s Share Transfer Books will remain closed on September 30, 2026, to determine shareholders eligible for the final preference dividend and facilitate the share conversion.

Share transfers received by the company’s Share Registrar by the close of business on September 29 will qualify for the dividend entitlement and conversion.