SPLC recovers Rs134.65m, settles Rs2.75m liability

January 25, 2024 (MLN): Saudi Pak Leasing Company Limited (SPLC) has made a recovery of an amount of Rs134.645 million and settled a liability of Rs2.75m as of December 31, 2023, according to a notice issued by the company on the local bourse today.

SPLC has a settlement offer, where the sole corporate depositor (PICT) and the only creditor (FWB) are involved. This arrangement is expected to significantly reduce the company's negative equity.

The company has further mentioned that there have been no developments regarding the divestment of SPLC

To recall, SPLC, following a Show Cause Notice from the SECP in July 2023 about possible liquidation, secured an extension for its response until the end of October.

In response to the notice, the company requested the Commission on October 29, 2023, to defer the notice and allow a grace period until June 30, 2024, for addressing outstanding issues and meeting the Minimum Equity Requirement as a Non-Deposit Taking entity.

"With 5PLC's reclassification and no longer being an NBFC, Saudi Pak is currently evaluating its available strategic options," the notice concludes.

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