Security papers: Company gets Rs1b financing

KARACHI: Security Papers Limited received financing worth Rs1 billion from Bank Al-Habib for its Balancing, Modernisation and Replacement (BMR) programme, the company said in a letter to the Karachi Stock Exchange on Tuesday. Of the Rs1 billion, Rs411 million had already been spent, and Rs404 million was outstanding, the letter said. The letter also said that Rs40 million had so far been paid back. The company seeks to borrow further, but will have to exceed the amount of the paid up capital of the company which stands at Rs411 million, the letter stated.

Published in The Express Tribune, August 3^rd, 2011.