Karachi, B.R.R. Guardian Modaraba informed Pakistan Stock Exchange that Honorable High Order for Merger by way of amalgamation of Crescent Standard Modaraba with and into the Company.
Mr. Siddique Dawood (Late), an eminent member of Dawood family, in collaboration with National Development Finance Corporation Limited formed B.R.R. Investments (Private) Limited (BRRI) [formerly B.R.R. Investment Services (Private) Limited] in April, 1983 to promote investments in Pakistan through leasing. The company was registered on August 7, 1984 as a Modaraba Management Company under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980. The Company floated two Modarabas in the name and style of B.R.R. CAPITAL MODARABA and B.R R. SECOND MODARABA in 1985 and 1990 with a paid up fund of Rs. 20 million and Rs. 100 million respectively. The first lease was executed on 26 March, 1984. Additionally, in August 1993 Equity International Modaraba (ElM) was floated with a paid up capital of Rs.150 million by Equity International (Pvt.) Ltd. (ElL). It was sponsored by BRRI, International Finance Corporation (IFC), Robert Fleming and Company (Flemings), and Saudi Pak Industrial & Agricultural Investment Company (Pvt.) Ltd. (SAPICO). International Finance Corporation joined BRRl as equity partner in 1999.
The first merger in the history of Modarabas took place when B.R.R. Second Modaraba and Equity International Modaraba merged with and into B.R.R. Capital Modaraba on March 1, 1998. The name of B.R.R. Capital Modaraba was subsequently changed to B.R.R. International Modaraba on April 14, 1998. As a result of the merger the paid up fund of B.R.R. International Modaraba rose to Rs.481.93 million making it the largest Modaraba in Pakistan in terms of equity. The Modaraba offers lease financing to corporate entities as well as creditworthy individuals. The Modaraba also provides Musharaka, Morabaha and Equity Investments to cater the requirements of Trade & Industry. The Modaraba is unique among leasing companies and Modarabas in offering building leases. It offers the acquisition of buildings for its commercial clients through the medium of a building lease. The scheme provides both for the lease of a building on land owned by the client, or alternatively a lease encompassing both the provision of land and a building thereon.
The symbol “BRR” is being used by the stock exchanges for the B.R.R. Guardian Modaraba.