SPLC recovers Rs6.5mn, offers settlement to corporate depositors

January 06, 2024 (MLN): Saudi Pak Leasing Company Limited (PSX: SPLC) recovered Rs6.5 million and offered settlement proposals to corporate depositors and TFC holders, resulting in a total settlement of Rs6.887mn for TFCs.

The aforementioned information was revealed by the company's quarterly Progress Report for the quarter ended December 2024, the company's filing on PSX revealed today.

The company has changed its name from SPLC to Saudi Pak Consultancy Company Limited after fulfilling all the regulatory and statutory requirements set by the Securities and Exchange Commission of Pakistan (SECP).

A Certificate of Incorporation dated December 11, 2024, for the new name, has also been issued by the SECP, CRO, Karachi.

The Board acknowledged the completion of its three-year term in December 2024, as per the Companies Act, 2017, and noted that fresh elections for the Board of Directors are now due.

"The company is currently in a transition state, with certain regulatory measures being taken to establish a newly born entity", the report added.

Due to unavoidable circumstances, the Board of Directors (BOD) election was deferred for ninety days, and the SECP was informed accordingly, it further reads.

SPLC will take required actions under the Board's guidance to begin new business operations in compliance with PSX Regulation 5.11.3(b) after fulfilling the Board's statutory requirements,

SPLC is optimistic about the future of the company under a new name and carefully designed strategy and plan for a new line of business for prosperity and growth in the future in the larger interest of all its stakeholders.

Some other settlements are in the negotiation stage and expected to be materialized in due course.

This will reduce substantially SPLC's negative equity on the materialization of the deals having substantial haircuts, the report added.

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