ISLAMABAD: (HRNW) Prime Minister Imran Khan has taken one more step towards economic development as the federal government decided to establish Pakistan’s first corporate restructuring company, ARY News reported on Wednesday.
The upcoming entity, Pakistan Corporate Restructuring Company Limited (PCRCL), will be established with the assistance of 10 domestic banks with an initial paid-up capital of Rs500 million. The company aims to create employment opportunities through the revival of distressed entities in the country.
The initiative taken under the Corporate Restructuring Companies Act will increase the economic growth rate after the establishment of PCRCL. The new entity will ‘acquire, manage, restructure, resolve Non-Performing Assets (NPAs) of Financial Institutions and reorganize and revive the commercially and financially distressed companies’, read the notification.