KARACHI, June 3: An extraordinary general meeting of Pakistan Industrial Credit and Investment Corporation (PICIC) on Thursday raised the authorized capital of the corporation to Rs3 billion.

According to the approval, the corporation would raise Rs1 billion through issue of right shares, a decision approved by the Board of Directors of PICIC at its 266th meeting on April 26 this year.

PICIC board had recommended the issuance of 35 per cent right shares at a premium of Rs30 per share on the face value of Rs10 (i.e. Rs40 per share) in proportion of 35 shares for every 100 shares held by the shareholders at the close of business on June 8, 2004.

PICIC Deputy Chairman Bashir Jan mohammad chaired the meeting which was held at a local hotel. Speaking on the occasion PICIC Managing Director Muhammad Ali Khoja said that increase in the authorized capital from Rs2 billion to Rs3 billion would further strengthen financial position of the corporation. -APP