KARACHI, June 3: The shareholders of Security Leasing Corporation Limited (SLCL) approved 150 per cent right issue of preference shares at an extraordinary general meeting held on Tuesday.

“These participatory and redeemable preference shares are structured according to the principles of Sharia,” says a press release.

“The right issue is subject to the approval of the SECP and its subscription is expected by August 2003. AKD Securities is assisting the company as advisers and has fully underwritten this issue.

Security Leasing had previously issued preference shares of Rs50 million in August 2002 through 50 per cent right offer to meet the minimum paid-up capital requirement. The present right offer would enable the company to further expand its leasing operations and to undertake additional activities permitted under the recently promulgated NBFC rules.