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NIB Bank gets SECP nod to off-load PICIC Insurance.

Karachi -- The Securities and Exchange Commission of Pakistan (SECP) has given its nod for NIB Bank to sell its shareholding in PICIC Insurance to M/s KM Enterprises (Pvt) Limited.

NIB Bank holds 10.499 million shares approximately 30 percent in PICIC Insurance Company, which NIB Bank has agreed to sell to KM Enterprises at the rate of Rs7.5 per share. PICIC Insurance has a paid-up capital of Rs350 million while the accumulated losses of the company stood at Rs132.714 million as of December 2012. The insurance company has not announced any dividend income since 2007. The company posted a profit after tax of Rs6.5 million for the nine-month period ended September 30, 2013 compared to a loss after tax of Rs33 million in the same period last year.

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Date:Feb 28, 2014
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