The Karachi Stock Exchange (KSE) has removed the Islamic Investment Bank Limited from the defaulters counter after it paid a dividend of 5 percent for the year ended December 31, 2003.
According to a notice issued by the KSE, the name of Islamic Investment Bank was included on the "defaulters counter" on account of having committed default under listing Regulation No. 32 (1) (b) ie non-declaration of dividend.
Since the bank has declared a cash dividend for the year ended December 31, 2003 of 50 paisa per share or 5 percent, the name of the Islamic Investment Bank will, therefore, be deleted from the 'defaulters counter', and the trading of its shares will take place on the normal counter from April 14, 2004, the KSE notice added.
The Islamic Investment Bank on Monday said its board has recommended to issue Rs 300 million 5 percent preference shares redeemable at the maturity of five years from the date of issue, being an issue other than right issue, in accordance with the Companies Ordinance.
It would be subject to the approval of the shareholders and the Securities Exchange Commission of Pakistan.
The bank's profit before taxation during 2003 was Rs 59.266 million as against a loss of Rs 94.089 million incurred in 2003, while its profit after taxation amounted to Rs 54 million, as compared with a loss of Rs 95 million.
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