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Karachi, May 15, 2012 (PPI-OT): KASB Finance Limited has agreed to acquire up to 99.9% stake (issued shares) of Sigma Leasing Corporation after reaching a consensus over the execution of a Shares Purchase Agreement, getting an approval of mandatory regulatory requirements and completion of formalities for the surrender of its leasing license as per decided in the special resolution passed in its Extra-Ordinary General Meeting (EOGM) on May 08, 2012.
According to Alfalah Securities Limited, Sigma Leasing Corporation reported a profit after tax of PkR 21.076 mn in FY11. The company has a total asset size of Rs 511.58m with a Book value per share (BVPS) of Rs 12.61. Alfalah Securities Limited expects the acquisition of Sigma Leasing Corporation would provide KASB Finance Limited to diversify into other businesses thus lowering its business risk and an opportunity to increase profitability.