Karandaaz announces equity investment of Rs600m in NRSP s subsidiary APCL – Latest News – The Nation nation.com.pk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nation.com.pk Daily Mail and Mail on Sunday newspapers.
Karandaaz becomes major shareholder of PCGC
National
December 28, 2020
ISLAMABAD: The government has approved the sale of majority shareholding of the state-owned Pakistan Credit Guarantee Company (PCGC) to the UK-funded entity Karandaaz by converting billions of rupees worth of unspent grants into equity.
The sale was approved despite the fact that the Ministry of Finance had raised key questions in writing at the initial stage. Out of grant money of £50 million, the unspent funds stood at Rs3.5 billion lying with the State Bank of Pakistan (SBP). The funds were invested into T-bills so the principal and mark-up amount increased to Rs6.5 billion in the last 12 years from 2008 through 2020.
Top Story
December 28, 2020
ISLAMABAD: The government has approved the sale of majority shareholding of the state-owned Pakistan Credit Guarantee Company (PCGC) to the UK-funded entity Karandaaz by converting billions of rupees worth of unspent grants into equity.
The sale was approved despite the fact that the Ministry of Finance had raised key questions in writing at the initial stage.
Out of grant money of £50 million, the unspent funds stood at Rs3.5 billion lying with the State Bank of Pakistan (SBP).
The funds were invested into T-bills so the principal and mark-up amount increased to Rs6.5 billion in the last 12 years from 2008 through 2020.
Top Story
December 28, 2020
ISLAMABAD: The government has approved the sale of majority shareholding of the state-owned Pakistan Credit Guarantee Company (PCGC) to the UK-funded entity Karandaaz by converting billions of rupees worth of unspent grants into equity.
The sale was approved despite the fact that the Ministry of Finance had raised key questions in writing at the initial stage. Out of grant money of £50 million, the unspent funds stood at Rs3.5 billion lying with the State Bank of Pakistan (SBP).
The funds were invested into T-bills so the principal and mark-up amount increased to Rs6.5 billion in the last 12 years from 2008 through 2020. Now the ECC has approved a change in the shareholding structure of the PCGC under which the shareholding of the Government of Pakistan in the company has been reduced to 49 percent from the earlier 70 percent.