Pak Libya Holding Company (Pvt) Limited has received a total additional investment of over Rs 880 million, including foreign direct investment (FDI) equivalent of Rs 440 million from its Libyan shareholders namely Libyan Foreign Investment Company (Lafico) in order to raise company's paid up capital to meet minimum capital requirement (MCR).
An equivalent amount (ie Rs 440 million) has been pumped in by the State Bank of Pakistan, the local joint venture partner, said a press release issued on Monday.
Pak-Libya, a joint stock company, commenced its operations in 1980. Pak Libya has a successful track record of over 25 years of growth and profitability and is one of the leading non banking financial institutions of the country having a distinction of being the first Pakistan financial institution with rating of ISO 9001: 2000.
The authorised and paid-up capital of the Company as on June 30, 2006 stood at Rs 8,000 million and Rs 2362 million respectively. However, after injection of the additional capital of Rs 880 million, the paid up capital would reach at Rs 3,242 million while total equity would reach to Rs 3,992 million.
Being the firs step to increase the paid up capital of the company to a minimum level of Rs 6000 million, this injection of first tranche is a clear indication of trust and confidence by the Libyan shareholders on the economy and present government & its policies as well as on the future prospects of Pak-Libya.-PR
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