Islamabad, Asharq Al-Awsat – The Saudi-Pak Commercial Bank (SPCB) has decided to issue 50 percent right shares at par to enhance its capital base from Rs 2.565 billion to Rs 3.847 billion, a SPCB statement said.
The decision was taken by the SPCB Board of Directors in its 85th meeting held in Lahore.
The fresh injection of capital will not only enable the bank to meet minimum capital requirement (MCR) for December 2006, as stipulated by State Bank of Pakistan one year in advance, but will also allow the bank to achieve its stated growth plans.
After the induction of a new professional management team, earlier this year, the bank has drawn a focused growth strategy for the next five years.
SPCB Chairman Rashid Zahir said that the sponsors are fully committed to meet all the capital requirements of the bank whether regulatory or otherwise.
The SPCB is a subsidiary of the Saudi Pak Investment Company, a joint venture between the governments of Pakistan and Saudi Arabia.