15-05-2025
- Business
- Business Recorder
SME Leasing Limited board approves closure plan
The Board of Directors of SME Bank Limited has approved the closure strategy of the company, according to a stock notice on Thursday.
The company shared the development in a notice to the Pakistan Stock Exchange (PSX).
'The Board of Directors of SME Leasing Limited has approved the Winding Down Plan, of the company.
'The Board of Directors of SME Bank Limited (the parent company) has also approved the SLL's Winding Down Plan in its meeting held on May 06, SME Bank Limited has also written a letter dated May L3, 2025 to Securities and Exchange Commission of Pakistan in this respect and has requested to defer the proceedings initiated for order of winding up of the SME Leasing Limited,' the notice read.
The Winding Down Plan envisages as under:
To close the branches, laying off employees, shifting of Head Office premises, disposal/ sale of immoveable properties of the company etc.
To sale / disposal of leased portfolio to another operating leasing company.
To sell the SME Leasing Limited with an anticipation that it would yield better sale price in short time than liquidation process.
According to the information available to 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.
