First IBL Modaraba inks SPA with ZTP Private Limited

First IBL Modaraba announced on Wednesday that it had signed a Sale & Purchase Agreement (SPA) with ZTP Private Limited.

The company shared the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.

“An application has been submitted by the management of ZTP (Private) Limited to the Registrar Modaraba, Securities and Exchange Commission of Pakistan (SECP), seeking the requisite regulatory approval,” the notice to the PSX said.

First IBL Modaraba is a multi-purpose, perpetual and multi-dimensional Modaraba formed under the Modaraba Companies and Modaraba (Floatation and Control) Ordinance, 1980.

It is engaged in various Islamic modes of financing and operations, including Ijarah, Musharaka and Murabaha arrangements