Karachi, First Prudential Modaraba informed Pakistan Stock Exchange To acquire by purchase, lease or otherwise land, buildings and property or any interest, in the same and to build, erect, improve and construct houses, buildings of every description, and to sell, lease, let to otherwise dispose-off the same for cash or on deferred payment basis on its own or in collaboration with other individuals, companies and Modarabas through forming joint ventures, limited liability companies, and/ or any other legal corporate structure. The grant of permission to the Modaraba would however be subject to Rules/ Regulations, which may be in force from time to time for carrying out the Real Estate Business by the Modaraba. Business and investment decisions shall be judiciously based on thorough analysis and studies and scope of future prospects in the light of cash flow, market operations, business projections and environment considerations as well as the management of enterprise.”
First Prudential Modaraba was floated in December 1989 as a perpetual, multipurpose Modaraba with an authorized capital of rupees 100 million. With effect from July 2002, Second Prudential Modaraba and Third Prudential Modaraba stand amalgamated into First Prudential Modaraba thereby making it one of the largest capital based multipurpose Modaraba of Pakistan with a paid up capital of rupees 872.176 million. The objective of the Modaraba inter-alia include participating in Musharika, Morahaba and providing financial assistance for working capital need, Ijaraha of all types of assets with special emphasis on vehicle and industrial machinery, including securitization of lease portfolio of leasing companies and commercial activities including syndication and leveraged leasing, underwriting of public issue of shares. Modaraba’s mission is to create and maintain progressive position in Modaraba sector in Pakistan endeavor to promote Riba-free economy in the country.
The symbol “PMI” is being used by the stock exchanges for the shares of First Prudential Modaraba.