By Abdul Qadir Qureshi
(Pakistan News & Features Services)
The Pakistan National Shipping Corporation (PNSC) has successfully swapped its loan of Rs 3.3 billion with another loan on soft terms with a repayment period of four years on low mark-up. As a consequence, the PNSC has saved tens of millions of Rupees.
In this respect, a signing ceremony was held in the PNSC Building on November 18 which was attended by Senator Kamran Michael, Federal Minister Ports and Shipping, Arif Elahi, Chairman, PNSC, Tayyaba Rasheed, Head of Investment Banking Faysal Bank, Jarrar Haider Kazmi, General Manager Finance, PNSC, and other officials of the two organizations.
The agreement was signed by Bilal Asghar, Head of Corporate Investment Banking on behalf of Faysal Bank and Imtiaz C Agboatwala Executive Director, Finance, signed on behalf of the PNSC.
On this occasion Arif Elahi, Cjairman, PNSC, informed that the agreement has enabled the corporation to repay the outstanding loan and replace with a loan on softer terms, saving substantial financial cost.