Asif Kamal of Newage Group and his associates have acquired controlling shares in Trust Leasing and Investment Bank Limited (TLIBL). Consequently they have taken over management control of TLIBL with effect from July 11, 2006, after completing all the necessary formalities including approvals of the Securities and Exchange Commission of Pakistan.
According to a press lease issued by TLIBL here on Wednesday, newly inducted directors are Asif Kamal (representing Newage Group), Zahid Rafique (representing Habib Rafique Group), Humayun Nabi Jan and Javaid Bashir Sheikh.
Asif Kamal has been elected as the new chairman of the Bank and Rashid Ahmed would continue as its Chief Executive Officer. The new directors bring with them rich and diversified business experience of financial services and industrial management.
Trust Leasing and Investment Bank Limited is one of the largest non-banking finance companies. Its balance sheet size exceeded Rs 6.8 billion with equity of Rs 1.1 billion as on March 31, 2006. TLIBL has been assigned credit rating of AA- (Double A minus) for long term and AI+ (A one plus) for short term by Pakistan Credit Rating Agency (PACRA). Head office of TLIBL is located at Lahore and it has 16 branches and a Regional Office at Karachi.
The new management plans to continue its focus on the core business of leasing with greater emphasis on investment banking activities. It is worthwhile to mention that TLIBL is a corporate member of Lahore Stock Exchange and its brokerage house is fully functional since November 2005.-PR