NBP decides to Reverse Decision to Cease Operations of NB Modaraba Management Comapany
MG News | July 13, 2018 at 12:48 PM GMT+05:00
As per a notification to the Pakistan Stock Exchange, National Bank of Pakistan has declared that it is reversing its earlier decision with regard to the National Bank Modaraba Management Company Limited.
Board of Directors has further resolved to recapitalize the NB Modaraba Management Company to enhance its paid-up capital with Rs. 300 million at Rs. 10 per certificate. The decision is however subject to approval from the regulators.
National Bank of Pakistan’s Board of Directors, on April 21st 2017, had resolved that the management of National Bank Modaraba Management Company Limited, a wholly owned subsidiary of the Bank, was authorized to explore appropriate options in order to achieve cessation of operations of the company, including, but not necessarily limited to, winding up or merger.
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