Habib Modaraba announces 20 percent cash dividend

First Habib Modaraba announced cash dividend of 20 percent and 100 percent right share at a premium of Rs 2.50 per share. This was informed by Muhammad Shoaib to the certificate holder on the occasion of 8th Annual Review Meeting of First Habib Modaiaba (FHM) for the year ended June 30, 2007 which was held on 22 October 2007 at Institute of Bankers Pakistan.

For FHM this year proved to be very significant in the corporate history of Modaraba. The FHM posted profit of Rs l49 million for the year ended 30 June 2007, which is the highest in the history of Modaraba. FHM also announced right share of 100 percent with 50 percent premium at Rs 2.50 per share.

Significant enhancement in term of writing new leases has been made during the 2006-2007 year and disbursement of Rs 780 billion rupees was made. Leased Assets portfolio crossed the Rs 3.185 billion marks. Rental collection also increased to over Rs l.500 billion rupees as compared to Rs l.200 million in the same period last year.

The assets size touched to Rs 500 billion, which is the highest in the operational history of FHM. At this time Modaraba sector has the highest asset and equity base.

It is remarkable to mention that FHM has been awarded with the "Corporate Excellence Certificate" from Management Association of Pakistan (MAP) for its outstanding performance within NBFC Sector. The certificate is evidence of the strong management practice and control.

The credit rating of FHM, "AA" for long term and "A1+" for short term has been maintained. It is remarkable that since the last ten years FHM is maintaining its "A" category rating.-PR