The Crescent Leasing Corporation Limited (CresLease) has been acquired by Al-Zamin Group, which constitutes Al-Zamin Leasing Modaraba, Zahidjee Textile Mills Limited and their directors, all regulatory approvals and legal procedures for the transfer of majority shareholding and management control of the Company have been completed.
The incoming sponsors have acquired 77.43 percent shareholding from various companies of Crescent Group and other independent shareholders, said a press release on Thursday.
In a meeting held recently, the Board of Directors of CresLease has been re-constituted with well-known bankers and professionals. The new Board of Directors will be chaired by Zafar Iqbal and its incoming members include Basheer A Chowdry, Muhammad Moizul Haque and Muhammad Zahid. S Shahnawaz A Rizvi, a senior executive having spent over 12 years with the Company had been appointed the new Chief Executive, the statement added.
Of the previous directors, Javed A Callea, the outgoing CEO and Firasat Ali, representing NIT, will continue on the Board and provide a useful support with their knowledge and experience of the Company.
The incoming sponsors are committed to re-energise and enhance business operations of CresLease, which enjoyed an established position in the NBFC sector for quite a long-time before facing the problems of co-branding with one of the companies of Crescent Group.
The last year was spent by the Company in maintaining its asset base and meeting its obligations without causing any default in its commitments to the creditors. The new stakeholders have developed a comprehensive and enthusiastic strategy aimed at achieving re-emergence of the Company to its full potential in a short timeframe.
Their plan includes re-branding of the Company to reflect the image and strength of the incoming sponsors, revival of finance and operating leasing as its core activity, active resource mobilisation and an increased level of cross-selling.
The Company plans to seek revival of its investment, banking license and, upon receiving approval of SECP, changed its name to Al-Zamin Investment Bank.
The new Board has also planned the commitment demonstrated by addition of further products and services, which would combine the CresLease team during the difficult period and the financial and professional strength of the new shareholders and management with a view to make the re-branded entity a vibrant and comprehensive NBFC.-PR