BOP arranges Rs10bn for Thar Energy

A syndicate led by the Bank of Punjab (BOP) has raised over Rs10 billion for Thar Energy Ltd (TEL) for working capital financing, a press release said on Monday.

In this regard, a financing-document signing ceremony was held at the bank’s corporate office to mark the closure of the first tranche of the facility. The ceremony was attended by the Hub Power Company Ltd (Hubco) CEO Kamran Kamal, TEL CEO Saleemullah Memon, BOP CEO Zafar Masud and the CEOs of syndicate banks, including National Bank of Pakistan Ltd, Bank AL Habib Ltd, Pak Kuwait Investment Company Ltd, Pak China Investment Company Ltd and Pak Brunei Investment Company Ltd.

Bank Alfalah posted a net profit of Rs5.52 billion in July-September, up 49 per cent from a year ago, a stock filing showed on Monday. This jump in overall earnings was mainly on the back of higher total income, said Arif Habib Ltd. The bank announced no dividend along with the third-quarter results. Its nine-month earnings clocked in at Rs14.3bn, depicting an increase of 33pc from a year ago.

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