August 31, 2023 (MLN): The Board of Directors (BoD) of First Dawood Investment Bank Limited (FDIBL) has authorized the company to exit the non-banking finance sector and operate like a normal listed company, FDIBL’s filing on the local bourse revealed today.
Henceforth, along with the change in the principal line of business, the name of the company will be changed from "First Dawood Investment Bank Limited" to "Dawood Company Limited."
The company will continue to repay its outstanding loans & liabilities over time and/or as mutually agreed with its lenders.
Similarly, the company will recover all its outstanding loans, leases, etc. as per the executed agreement with its borrowers either directly or through the court of law in case of defaults.
Further, FDIBL will continue to manage trustee business for a few outstanding / defaulted TFCs / Sukuks with approval of SECP and/or through the stay-order, unless a new 'Trustee' agrees to take over the business along with underlined securities/collateral with mutual consent of the issuer(s) and respective investors.
The board has further authorized representatives of the company to prepare, finalize, execute, and file all the required necessary documents, and take all necessary steps to fully achieve the objectives of the aforesaid resolutions.
