Karachi, Escorts Investment Bank Limitedinformed Pakistan Stock Exchange that the meeting of the Board of Directors of the Company will be held on January 08, 2018 Lahore, to complete the process of takeover of the Company by Bahria Town (Pvt.) Limited (through acquisition of 71.168% issues shares) and reconstitution of BOD through resignation of incumbent directors and co-option of FPT-cleared incoming directors in their place.
Escorts Investment Bank Limited is a public limited company incorporated in Pakistan on 15 May 1995. The foundation of the company is laid under the Companies ordinance, 1984. The Company started its commercial operations on October 16, 1996. The Company is licensed to carry out investment finance services, as a non-Banking Finance Company under section 282C of the Companies ordinance, 1984 and non-Banking Finance Companies Establishment and Regulations Rules, 2003. The Pakistan Credit Rating Agency has maintained the long-term credit rating of the Company to “BBB” (Triple B) and also maintained the short-term rating at “A3” (A three) dated 27 March 2014. The ratings denote an adequate capacity of timely payment of financial commitments. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is located at Lahore.
The symbol “ESBL” is being used by the stock exchange for the shares of Escorts Investment Bank Limited.