Pak-Libya acquires Pakistan’s Platinum Commercial Bank
The Pak-Libya Holding Company signed an agreement last month to purchase Pakistan’s Platinum Commercial Bank in its entirety for 12.3 Pakistani rupees ($.20) per share, reported the State Bank of Pakistan.
The Pakistani financial institution received orders from the State Bank to achieve a minimum paid up capital of one billion rupees ($16.7 million) in order to maintain its operations. The bank failed to meet the requirements, raising only Rs 600 million by the end of June.
Pak-Libya was established as a joint stock company in 1978 equally owned by the governments of Pakistan and Libya. The company operates as a financial institution and is engaged in various investment and financing activities in the areas of project financing, investment banking and merchant banking.
The authorized and paid-up capital of the company in 2001 stood at $66 million and $35 million respectively. — (menareport.com)
© 2002 Mena Report (www.menareport.com)