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Karachi, Saudi Pak Leasing Company Limited informed Karachi Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on January 06, 2016.
The agenda of the meeting is to discuss the profit and loss account for the year ended June 30, 2015 which portrayed a loss of Rs. (192,927,702) and loss per share (4.27) basic and diluted.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
The annual general meeting of the company is scheduled will be held on February 19, 2016 at the Islamabad.
Further, the share transfer books of the company will remain closed from February 12, to February 19, 2016 both days inclusive.
Saudi Pak Leasing Company Limited was incorporated in January 1991. In October 1997, Saudi Pak Industrial & Agricultural Investment Company acquired the entire 30% shareholding of Standard Chartered Bank. SAPICO is the second largest of the three investment companies set up by the Government of Pakistan as joint venture with other sovereigns. The Saudi Arabian government holds 50% equity stake in SAPICO with the other 50% held by Pakistan. The Company has a seven member board of which three, including the CEO, represent SAPICO, two, the Piracha Group, and one each, the Premier Mercantile Services and NIT. SPLC is one of the largest leasing companies in Pakistan in terms of asset size. The registered office of the company is located in Karachi. The company is listed on all the three stock exchanges in Pakistan which are namely Karachi, Lahore and Islamabad stock exchanges.
SPLCs main activity is writing full payout financial leases for establishing corporate entities. The preferred assets for leasing are machinery, computers, vehicles etc. The focus of the company is on the blue chip segment, which includes multinational companies and established local companies such as small and medium sector enterprise. The products of the company are for sole proprietorship, partnership concerns or even private limited companies. Its financial services are offered in various categories such as business and office equipment, manufacturing machinery, heavy machinery, medical equipment, automobiles and generators.
The symbol “SPLC” is being used by the stock exchange for the shares of Saudi Pak Leasing Company Limited.