The Pakistan Industrial Credit and Investment Corporation Ltd (Picic) has increased the its authorised capital to Rs 3 billion from Rs 2 billion, said a Picic notice issued here on Thursday.
Picic hold an extra-ordinary general meeting on Thursday in Karachi where Corporation shareholders appreciated the role of the management in boosting their investment, and approved the dividend declared by the Corporation.
Picic Managing Director Mohammad Ali Khoja said the Corporation to increase its revenue, and make a financial model has finalised several plans, adding a couple of mutual funds has been designed while several innovative products are in the pipeline to cater to the growing demand of the consumers.
The Picic shareholders approved the issues of 35 percent or 54.557 million right shares at a premium of Rs 30 per share on the face value of Rs 10 (ie Rs 40 per share) in the proportion of 35 shares for every 100 shares held to members whose names appear in the register of members as at the close of business of June 8, 2004.