Pakistan Industrial Credit & Investment Corporation (Picic) has decided to launch two funds--energy fund and balance fund--each of one billion rupees, by next month and plans to introduce various financing products, to help progress the corporation to new highs.
Muhammad Ali Khoja, managing director, on Tuesday at a press conference said that "we are launching two funds, each of one billion rupees, ie energy funds and balance funds, in the month of April."
He said that Picic also has planned to enter the insurance sector with a vision to launch a general insurance company very soon.
"We don't have the concept of housing finance, but plan to set up a housing finance company," Khoja said.
The Picic is also planning to offer car financing and other consumer financing schemes at the doorsteps of every customer.
Picic declared 35 percent bonus shares for the period ended December 31, 2003. During the period of 18 months ended on December 31, 2003, Picic paid 12.5 percent interim cash dividend and 15 percent interim bonus.
The performance of Picic during the period was driven by increased income from investments, which rose to Rs 1.876 billion. Income from advances, leases and carry over transaction accumulated to Rs 1.203 billion even under low demand of credit.
Earning per share and break-up value per share for the 18 months ended on December 31, 2003 stood at Rs 11.72 per share and Rs 28.34 per share respectively.
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