PICIC sale expected in one weekbb


KARACHI: The management of country’s largest Developmental Financial Institution, Pakistan Industrial Credit and Investment Corporation (PICIC) is likely to be transferred to a Singapore-based company Tamasek Holdings in coming two weeks.

Sources of banking industry said on Wednesday that the due diligence of the company’s financial affairs and corporate affairs has been completed and a team of the foreign company last week visited Pakistan and made final touches to take over arrangements.

Sources said the Singaporean team has expressed its complete confidence and satisfaction over the process and had reviewed the sale-purchase agreement of shares of the PICIC. Sources confirmed that sale of PICIC holdings in NIT to Singaporean company will yield Rs5 billion revenue to NIT. Sources said the central bank had almost cleared the deal and now the Singaporean company is to decide new management set up of the company.




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