December 20, 2001	Thursday	Shawwal 4, 1422

KARACHI, Dec 19: The Managing Director, PICIC, Muhammad Ali Khoja has said that share price of the Corporation could boost to Rs100 per share in near future if the management continued its present meritorious performance.

“This year we declared cash dividend of 12 per cent and 15 per cent bonus because of the team work of the whole management and other manpower.” He was addressing officers of the corporation at PICIC Management Institute (PMI) here.

Referring to annual accounts of the corporation, he said this year PICIC had very impressive and outstanding performance with a remarkable operating profit of Rs530 million, which was 70 per cent higher than the profit of previous year of Rs311 million.

He said even the Central Bank has appreciated the performance of the Corporation, which improved significantly despite difficult times for banking sector in Pakistan over the last few years.

The break up value of PICIC share has increased to Rs24.56 per share.

“When other banks were heavily involved in recovery of loans, we sanctioned fresh loans to industrial sector over Rs2 billion involving 14 projects in current fiscal,” he said and added that the loans were extended mainly to textile and sugar industry. He said previously the Corporation had been working to promote industry and finance, but today its most important priority was to revive the sick industries of the country.

“PICIC is taking care of all financial needs of its valued clients under one roof for which it has adopted Financial Supermarket as its business model,” he said.

He said State Bank had been stressing on merger and acquisition of loss making banks and other financial institutions and today’s viable PICIC would not miss any opportunity to purchase stakes in any such entity.

Khoja said recently the PICIC acquired 60 per cent shares along with management control of former Gulf Commercial Bank now PICIC Commercial Bank.

“After its acquisition, its accounts today prove that under our management, the Commercial Bank has improved its performance,” he said.—APP