Karachi, Allied Rental Modarabainformed Pakistan Stock Exchange that the Board of Directors have resolved to allocate the unsubscribed portion of Right Issue of the Company @ 13.96% amounting to Rs. 1,525,020 (101,668 shares)to the underwriter to the issue namely Dawood Equities Limited.
Allied Rental Modaraba was formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980 and the Rules framed there under and is managed by the Allied Engineering Management Company Private Limited (the ‘Modaraba Management Company’). It is a wholly owned subsidiary of Allied Engineering and Services Private Limited. The company is incorporated in Pakistan and the foundations of the company are laid under the Companies Ordinance, 1984. The Modaraba commenced its operations on January 10, 2007. The primary business of Allied Rental Modaraba is to engage in the Rental business by managing the rental fleet of equipments comprising Power Generation Equipment, Material Handling Equipments and Construction related machinery. Modaraba provides rental services across Pakistan through the facilities of its sponsors located in Karachi , Lahore , Islamabad , Multan , Faisalabad , Peshawar and Quetta .It is registered with the Registrar of Modaraba Companies and Modarabas under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.
The Securities and Exchange Commission of Pakistan on May 10, 2006, authorised Allied Engineering Management Company Private Limited to float Allied Rental Modaraba. It is a perpetual modaraba and is engaged in rental, Ijarah (leasing under operating and finance lease arrangements) and operation and maintenance of Caterpillar and other equipment i.e. generators, forklifts, compactors etc. The registered office of the modaraba is located at Karachi. The stocks of the modaraba are quoted on the Karachi Stock Exchange.
Another ancillary business line of the Modaraba is to provide outsourcing solution to the customers for operating and maintaining their Power plants by providing the required skilled manpower for 24/7 operation with professionalism.
The symbol “ARM” is being used by the stock exchanges for the shares of Allied Rental Modaraba.