Pakistan Company News – Board Meeting in Progress of First Prudential Modaraba

Board Meeting in Progress of First Prudential Modaraba

Karachi, First Prudential Modaraba informed Pakistan Stock Exchange that the Meeting of Board of Directors of KASB Invest (Private) Limited, Managers of the Company, scheduled on October 30, 2017 at Karachi, is in Progress.

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.