SECP transfers management rights of First Pak Modaraba to Awwal Modaraba

MG News | January 27, 2021 at 11:42 AM GMT+05:00

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January 27, 2020 (MLN): The Securities and Exchange Commission of Pakistan (SECP) has transferred the management rights of First Pak Modaraba (PAKMI) to Awwal Modaraba Management Limited (AMML) through competitive bidding.

‘One of the conditions for the transfer of management rights of PAKMI to AMML is that AMML shall hold and/or acquire minimum statutory holding of ten per cent (10%) of the issued certificate capital of PAKMI’, PAKMI said via a notice sent to PSX.

‘Therefore, in compliance with the said SECP directions, PAK Brunei Investment Company Limited, being the holding company of the AMML, has commenced the acquisition of PAKMI’s modaraba certificates’, it added.

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