Karachi, Awwal Modaraba Management Limited informed Pakistan Stock Exchange that board of directors meeting of the company will be held on November 25, 2021 at Karachi to consider the potential merger of the Company with a corporate restructuring company which is to be established by Pak Brunei Investment company Limited as its wholly owned Subsidiary subject to necessary Corporate and regulatory approvals.
Further, the company has declared the closed period from November 01, 2021 to November 01, 2021.
Awwal Modaraba has been floated under the Modaraba Companies and Modaraba. The Modaraba is managed by the Awwal Modaraba Management Limited. It is a perpetual, multipurpose and multi-dimensional Modaraba and is primarily engaged in providing Working Capital, Term Finance, Ijarah, Musharika, Morabaha, advisory services and other Shari’ah compliant investment/instrument to credit worthy customers.
The Company was incorporated on June 5, 2014, as a wholly owned subsidiary of Pak Brunei Investment Company Limited (“Pak Brunei”).
The total numbers of shares are 100,000,000. The Earnings per share is 0.41 in 2021 which was 1.03 in 2020. The Profit after Taxation is 41,028,000 in 2021 which was 102,646,000 in 2020.