KARACHI, Sept 18: Employees Old Age Benefits Institution (EOBI) has acquired controlling interest in Universal Leasing Corporation Ltd (ULCL) with an acquisition of 72 per cent shareholding and nomination of five directors on the Board.

The first meeting of the Board of Directors was held here on Thursday to take control of the company.

The board of directors comprises Chairman EOBI Muhammad Shafi Malik, Chairman National Insurance Company Ltd. Maudood Ahmad Lodhi, Chairman National Insurance Company Ltd. DGI (F&I) Nooruddin Shaikh, DG (Investments) Farooq A. Awan, Employers representative on Board of Trustees of EOBI Nazim F. Haji, nominee of ABL Zia Ijaz, nominee of SAPICO Muhammad Saeed Akhter, and Talha Qureshi as chief executive.

The board elected M. Shafi Malik as chairman of the company.

The chairman while formulating EOBI’s vision of the company, said on the occasion that EOBI was committed to make ULCL a leading financial service provider of the country.

The company, he said, will actively participate in leasing business and cater to corporate clients and small and medium-sized enterprises.—APP