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 › Literacy › Invest Capital Investment Bank Limited board’s decision

Invest Capital Investment Bank Limited board’s decision

Web Desk July 7, 2011     No Comment     Literacy

Karachi: We wish to inform you that the Board of Directors of our Company in their meeting held on Thursday, 7th July 2011 at 11:00 a.m. at Registered Office of the Company at C3C, 12th Lane, Ittehad Commercial Area, Khayaban-e-Ittehad, Phase-II, Ext., DHA. Karachi recommended the following;

 

1.Cash DividendNil
2.Bonus SharesNil
3.Right SharesNil
4. Any Other Entitlement / Corporate ActionNil
5.Any Other Price-Sensitive Information

 

The Board of Directors of the Invest Capital Investment Bank Limited (ICIBL) approved and transacted the following arrangements in accordance with the approvals of the Securities and Exchange Commission of Pakistan (SECP);

1. a. Sale and transfer of 26% shares of ICIBL held by Invest Capital Group to Zahidjee Group.

1. b. Sale of Invest Capital Markets Limited (ICML), a wholly owned subsidiary of ICIBL along with all brokerage related assets and liabilities appearing on the books of ICIBL to Invest Capital Group.

2. An injection of Rs. 150 million into ICIBL by way of a subordinated loan of Rs. 126 million by Zahidjee Group and Rs. 24 million by way of the sale proceeds of ICML.

3. Consequent upon the above transactions, the Board of Directors of ICIBL was reconstituted consisting of the following members as approved by the SECP;

 

i.Mr. Basheer A. ChowdryDirector
ii.Mr. Ahmad KamranDirector
iii.Mr. Shaukat AliDirector
iv.Mr. Muhammad QasimDirector
v.Mr. Muhammad AsifDirector
vi.Miss Aysha ZahidDirector
vii.Miss Fiza ZahidDirector

 

All the existing Directors of ICIBL have resigned from the Board.

4. The Board also approved Mr. Naveed Amin as the Chief Executive Officer and Mr. Tajammal Hussain Bokharee as Director of ICIB. Both of them will join subject to regulatory approvals.

The aforesaid steps have been taken in order to achieve revival and improvements of the Company’s operations and profitability.

For more information, contact:
Shamir S. Ismail
Company Secretary
Invest Capital Investment Bank Limited
C3C, 12th Lane, Ittehad Commercial
Phase II Ext. DHA,
Karachi – Pakistan
Tel: +9221 111-111-097
Fax: +9221 3531 3887
Email: info@investcapital.com
Web: www.investcapital.com

Literacy
Invest Capital Investment Bank Limited

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