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Soneri Bank maintains A+ rating
Business
December 31, 2020
KARACHI: Soneri Bank has been able to maintain the rating of A+ (Single A Plus) for its unsecured, subordinated and listed term finance certificates (2nd issue) of Rs3,000 million, a statement said on Wednesday.
This rating has been accredited by the Pakistan Credit Rating Agency Ltd (PACRA) on December 18, it added.
The rating is in recognition of the bank’s ability to maintain its market position in the banking industry, while strengthening its overall risk profile.
Soneri Bank continues to serve its customers through a network of over 300 branches and ATMs across the country, it added.
The listing of the said shares took place today.
Engro Polymers and Chemicals Limited aimed to raise Rs. 3 billion, through 300 million preference shares of the face value of Rs. 10 per share. Out of the 300 million preference shares, 262.5 million preference shares (87.5 percent) were offered to and subscribed by the Pre-IPO investors. Whereas 37.5 million preference shares (12.5 percent) were offered to the general public.
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The applications were received for subscriptions of more than 202 million shares being received against an allocated target of 37.5 million shares in the general public portion of the said IPO. The result of the IPO has thus been oversubscription by 5.39 times or by more than 164.547 million shares or Rs. 1.645 billion.
KARACHI: The government has formed a Credit Guarantee Trust (CGT) with participation of the State Bank of Pakistan (SBP), six commercial banks and the Pakistan Mortgage Refinance Corporation (PMRC) to boost low-cost housing in the country, a press release showed on Monday.
The CGT has been established with the support of the World Bank and the SBP.
The PMRC as the trustee signed a master guarantee agreement with six leading Islamic and conventional banks including Meezan Bank, Habib Bank, BankIslami, Faysal Bank, JS Bank and Soneri Bank.
“This is a major step for the government’s Naya Pakistan Housing Program and making affordable housing possible for all,” the SBP said in the press release.