Thursday, April 14, 2016


KARACHI: Pakistan National Shipping Corporation (PNSC) on Wednesday successfully renegotiated its loan of Rs 4.5 billion with NIB Bank on soft terms; with a remaining period of seven years on competitive mark-up.

As a consequence, PNSC has substantially rationalized its interest cost. The signing ceremony was held here, said PNSC statement. The ceremony was attended by Director General, Ports and Shipping Asad Rafi Chandna, PNSC Board Members, Capt. (Retd) Anwar Shah and Khwaja Obaid Imran Ilyas. The PNSC was represented by Chairman PNSC Arif Elahi alongwith Vice Chairman PNSC Brig. Rashid Siddiqi, Executive Director (Finance) PNSC Jarar Haider Kazmi, Executive Director (Commercial) PNSC Capt. Muhammad Shakil and Executive Director (Ship Management) PNSC Tariq Majeed. The NIB Bank was represented by its President Atif R. Bokhari, Group Head CIBG, NIB Bank Ms. Zeeba Ansar and Head of Syndications and DCM NIB Bank, Ms. Nadia Ishtiaq. On this occasion, Chairman PNSC Arif Elahi informed that with continuous efforts of the management, PNSC has marked its presence in the regional as well as global market in spite of global decline in shipping business. PNSC had also managed to maintain its profitability, due to these efforts and thus has gained confidence of Financial institutions in response to which PNSC has successfully negotiated its on-going financing deal.