Loan agreement signed between Pakistan National Shipping Corporation and Faysal Bank

Karachi, November 19, 2015 (PPI-OT): Pakistan National Shipping Corporation 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 and as a consequence PNSC has saved tens of millions of Rupees. In this respect, a signing ceremony was held in the PNSC Building on Wednesday the 18th November 2015.

The ceremony was attended by the Federal Minister Ports and Shipping, Senator Mr. Kamran Michael, Chairman PNSC, Mr. Arif Elahi, Ms. Tayyaba Rasheed, Head of Investment Banking Faysal Bank; General Manager – Finance, PNSC, Mr. Jarrar Haider Kazmi and others.

The Agreement was signed by Mr. Bilal Asghar, Head of Corporate Investment Banking on behalf of Faysal Bank and Mr. Imtiaz C. Agboatwala Executive Director – Finance; signed on behalf of Pakistan National Shipping Corporation. On this occasion Chairman Mr. Arif Elahi informed that this has enabled PNSC to repay the outstanding loan and replace with a loan on softer terms, saving substantial financial cost.

For more information, contact:
Ministry of Ports and Shipping
Government of Pakistan
Mr. Kamran Michael
Federal Minister
Tel: +92-21-9210322