FATIMA fertilizer to incorporate Digital Retail Bank with SECP

By MG News | Category Equity | January 16, 2023 at 01:07 PM GMT+05:00

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January 16, 2023 (MLN): Fatima Fertilizer Company Limited (FATIMA) along with other sponsors including Kuda Technologies Limited and City Schools (Pvt) Limited will incorporate the Digital Retail Bank with Securities and Exchange Commission of Pakistan (SECP).

In a notice to PSX company added, “State Bank of Pakistan (SBP) has issued no objection certificate for incorporation of proposed KT Bank Pakistan Limited for establishing Digital Retail Bank under SBP's Licensing and Regulatory Framework.”

Going forward, SBP's In-principle approval will be sought for demonstrating operational readiness and for commencement of operations under the pilot phase, it added.

Subsequently, proposed DRB will launch commercial operations after obtaining SBP's approval.

At the time of writing, the scrip of the company is being traded at Rs30.50, down by 57 paisa or 1.84% DoD.

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