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Karachi, March 28, 2013 (PPI-OT): Please find attached following documents for your information and record.
Statement of material information in compliance of Clause (xx) of the Listing Regulation No. 35 under Code of Corporate Governance 2012;
Disclosure of inside information by listed company in terms of section 15D(1) of Securities and Exchange Ordinance, 1969.
Material Information
In accordance with Clause (xx) of the Listing Regulation No. 35 under Code of Corporate Governance 2012, we are pleased to convey the following information:
The management of KASB Invest (Pvt.) Limited (the management company of KASB Modaraba) and KASB Modaraba, at its meeting hold on 27th March, 2013, at 5:00 p.m. at its registered office, has, based on the recommendation of its internal auditors, decided to recommend to its Board of Directors to fully provide for against the outstanding balance of PKR 44,327,865/ against the Murabaha Facility extended to FDM (Pt) Limited in accounts of KASB Modaraba for the nine months period ending 31st March, 2013.
Should the recommendation be accepted and be resolved by the Board of Directors at their next scheduled meeting proposed to be held in April, 2013, for inter alia approving the third quarter accounts of KASB Modaraba, such a provisioning would be finalized.
Disclosure Form in Terms of Section 15D of the Securities and Exchange Ordinance 1969
Date of Report 28th March, 2013
Name of Company KASB Modaraba
Address 80-C, 13th Commercial Street, DHA Phase-II, Ext. Karachi
Disclosure of Inside Information by Listed Company in terms of Section 15D(1).
Public Disclosure of Inside Information, Which Directly Concerns the Listed Securities
The management of KASB Invest (Pvt) Limited, the management company of KASB Modaraba, and KASB Modaraba at its meeting held on 27th March, 2013, at 5:00 p.m. at its registered office, has, based on the recommendation of its internal auditors, decided to recommend to its Board of Directors to fully provide for against the outstanding balance of PKR 44,327,865/- against the Murabaha Facility extended to FDM (Pvt.) Limited in accounts of KASB Modaraba for the nine months period ending 31st March, 2013.
Should the recommendation be accepted and be resolved by the Board of Directors at their next scheduled meeting proposed to be held in April, 2013, for inter alia approving the third quarter accounts of KASB Modaraba, such a provisioning would be finalized.
Signature
For more information, contact:
Faiqa Naz
Company Secretary
KASB Modaraba
DHA Branch: 80-C, 24th Commercial Street,
Off Khayaban-e-Ittehad,
Phase II, Ext, D.H.A, Karachi.
PABX: 021-35313939-43,
Fax: 021-35313933