ISLAMABAD (March 01 2003) : The Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited approved a total financing of Rs 1,413 million to 24 companies in manufacturing, communication, energy, pharmaceutical, food and beverages, construction, services and financial sectors.
The financing will facilitate expansion of existing production facilities and creation of additional capacities.
This approval was given by 82nd meeting of Board of Directors of Saudi Pak Industrial and Agricultural Investment Company (Pvt) Limited which was held in Dubai on Wednesday, February 26, 2003, under the chairmanship of Dr Abdullah T Al-Thenayan, who is also Director-General of Arab Company for Livestock Development, Saudi Arabia.
Since inception, Saudi-Pak has provided financing facilities of Rs 15,595 million which includes direct equity investment of Rs 1,615 million and term financing of Rs 13,980 million.
In addition, the underwriting of public issue of shares and guarantees have also been provided for a total amount of Rs 2,024 million.
Saudi-Pak joint venture of Saudi Arabia and Pakistan is playing an important role in promoting brotherly relations between the peoples of Pakistan and Saudi Arabia.
It is committed to accelerate industrial development in Pakistan by providing loans and investment facilities to industrial projects sponsored by private sector.
Its financing is spread over all the key economic sectors, including chemicals, engineering, textile, cement, communications etc. The projects financed by Saudi-Pak are located throughout the country.
The paid up capital of the company is Rs 2 billion held in equal proportion by the governments of Saudi Arabia and Pakistan.
The Board expressed satisfaction over the role performed by Saudi-Pak in promoting growth of industrial sector in Pakistan.