ISLAMABAD, Oct 16: Securities and Exchange Commission of Pakistan (SECP) will extend maximum facilitation to the leasing industry in the country.

This was stated by the SECP chairman, Khalid A. Mirza, during a meeting with the representatives of Leasing Association of Pakistan and Modaraba Association of Pakistan here on Tuesday.

According to an announcement, during the meeting various issues pertaining to functioning of leasing and modaraba sector came under in-depth discussion.

Among the important issues, restructuring of Pakland Cement and Saadi Cement Ltd, was discussed where leasing industry has sought certain concessions in the prudential regulation.

The chairman assured that due to the extraordinary situation in these two projects, the SECP would extend maximum facilitation to the leasing industry.

Responding to a query Mr. Mirza explained that the commission was sympathetically considering bringing about adequate changes in the leasing rules pertaining to classification of rescheduled assets.

As per international practices, if leasing companies received three rentals of a rescheduled lease, the provisioning of that transaction may be allowed for reversal.

The members of both the associations expressed their gratitude to the chairman for his understanding of and approach to the issues faced by the leasing industry.

They also informed the Chairman that under the prevailing uncertainties in the market, the leasing companies and modarabas were lending maximum support aimed at stabilizing the stock market by making investments according to their commitment.