The Board of Directors of SME Bank Limited has approved the action plan for winding down of SME Leasing.
“While approving the action plan for winding down SME Leasing with the option to sell it as an entity, the Board of SME Bank also advised the management to apprise the status regarding liquidation of SME Bank to the Securities and Exchange Commission of Pakistan (SECP) with a request to defer its scheduled hearing for SME Leasing to an appropriate time so that the incoming liquidator can assess SME Leasing’s affairs,” the company wrote to Pakistan Stock Exchange.
Moreover, the notice read that as per the Islamabad High Court’s order, State Bank of Pakistan (SBP) has appointed Adnan Imran, Chief Manager, Islamabad Office, as the Liquidator of SME Bank Limited with immediate effect.
According to the information available on the company’s website, SME Leasing Limited was incorporated in Pakistan in July 2002 and acquired the status of listed company in December 2006.
SLL is a subsidiary of SME Bank Limited, which holds 73.14% of the company’s shares. The company is licensed to carry out leasing business as a Non Banking Finance Company (MBFC) under the Non-Banking Finance Companies Rules issued by the Securities and Exchange Commission of Pakistan.
