The 46th annual general meeting (AGM) of Pakistan Industrial Credit and Investment Corporation (PICIC) on Tuesday gave approval to bonus shares and dividend for the year 2004. Khursheed K Marker chaired the meeting, which also approved accounts for the period ended December 2004. It may be noted that the PICIC had announced the payment of 30 percent bonus shares and 25 percent cash dividend making a total of 55 percent for the period under review.
Speaking on the occasion, managing director PICIC Mohammad Ali Khoja said that the corporation had obtained license for opening of 14 branches.
He said that the ratio of non-performing loan has declined to 4 percent, which is negligible.
He informed the AGM that the PICIC had planned to raise the paid up capital of PICIC Asset Management Company from Rs 3 billion to Rs 5 billion.
He told the meeting that another mutual fund in the energy sector would be launched soon.
Replying to a question, Khoja said that the PICIC would emerge as one of the largest banks in the country after the merger with PICIC Commercial Bank.
He said that PICIC has paid out 2.50 percent of its profits to the non-profit organisations, including hospitals, educational and social sector institutions.
The shareholder appreciated the financial results of the corporation as well as the high pay out for 2004 and the future plans.-PR
Comments
Comments are closed for this article.