27 million CresLease shares sold to Al-Zamin group

The Board of Directors of Crescent Leasing Corporation Limited (CresLease) has approved, along with management control, the sale of over 27 million shares of the company, by a group of shareholders at a price of Rs 13.00 per share. This amounts to about 59.62 percent of the share capital of the company.
The shares have been sold to a group of buyers comprising Al-Zamin Leasing Modaraba, certain directors and shareholders of Al-Zamin Leasing Modaraba, including Zahidjee Textile Mills Limited and Muhammad Zahid.
The company, in a notice sent to Karachi Stock Exchange (KSE), said that the approval has been given for the sale of 27,063,527 shares. The sale of shares would be subject to the regulatory approvals. The proposed sale would enable the company to reactivate its operations under new sponsors and brand name. The required applications for approval of the above transaction from the regulatory authorities are being filed, the notice said.