KARACHI, June 24: The Security Leasing Corporation Limited stated that it had received approval of the Securities and Exchange Commission of Pakistan, to the proposed 50 per cent right issue.

In a press statement the company said that the Rs50 million Preference shares (class I) right issue had been approved on May 31, 2002 by members of the Security Leasing to enhance equity base of the company. The preference share was stated to be a highly structured script available in the country. Its salient features were minimum cumulative dividend of 15 per cent per annum; conversion rights; options for redemption and representation on the board. The issue was advised and it has been fully underwritten by UBL.

The company said that subscription date to the Preference shares was likely to be before end of July, 2002.