KARACHI, May 31: The Board of directors of Pak-Libya Holding Company (Pvt) Limited approved financing of Rs395 million to seven projects, at a meeting on Thursday.

A company statement said that the 62nd Board meeting was held in Karachi, chaired by Nagmeddin Hemali Mokhtar and attended by Khalid Sharwani (MD); Ramadan A.Haggiagi (Deputy MD) and Dr. Ashfaque Ahmed Khan (nominee director Government of Pakistan).

The company stated that Pak-Libya has sanctioned a total of Rs616 million to 18 projects since January this year. The projects are from textile, chemical, cement, fertilizer, financial and energy sectors. “The company also arranged a syndicate of a lease of Rs100 million and more syndications are in process of finalization”, the company said.

The Board was informed that Pak-Libya was repositioning itself to improve performance by way of building a cheaper resource base and targeting quality investment opportunities, said the company, adding that, in this context a joint mandate to National Bank of Pakistan and Pak-Oman Investment Company (Pvt) Limited had been awarded for arranging and floating underwritten listed Term Finance Certificates (TFCs) of Rs600 million.

Pak-Libya enjoys AA (double A) credit rating for long-term and A1+ (A One Plus) for the short-term which is the highest in the sector, the company said, and added that it was the only and first ISO Certified in financial sector of Pakistan for providing quality services.