Bugis Investments (Mauritius) Pte. Limited, a wholly-owned subsidiary of Singapore-based Asia Financial Holdings (AFH), which purchased 25% shares of NDLC-IFIC Bank Limited (NIB) in February this year, was allotted fresh shares by NIB Board of Directors on 30 June 2005, raising Bugis’ ownership of NIB to 72.6% shares. The fresh allotment was earlier approved by the Shareholders of the Bank in the Annual General Meeting and statutory and regulatory approvals were obtained by NIB from Securities and Exchange Commission of Pakistan and State Bank of Pakistan prior to the fresh allotment.

In terms of paid up capital, this capital injection will propel NIB into the “top ten” amongst local and foreign banks operating in Pakistan, significantly improving its capital adequacy and fund mobilizing ability.

Bugis is expected to make a significant and positive impact on NIB as the latter pursues an aggressive expansion plan. From its beginning in October 2003, NIB has established 15 branches in Karachi, Hyderabad, Faisalabad, Lahore, Islamabad and Peshawar over the past 20 months. With the investment by Bugis, NIB plans to have a countrywide network of over 200 branches in the very near future. Bugis’ investment in NIB signals its confidence in the economic growth and future of Pakistan.

Bugis is a wholly-owned subsidiary of AFH, which in turn is a wholly-owned subsidiary of Temasek Holdings (Temasek). Temasek is a Singapore-based Asia investment company. It enjoys a Aaa rating by Moodys’ and AAA rating by Standard & Poors’. Established in 1974, it manages a diversified global portfolio of US$54 billion, spanning Singapore, Asia and the OECD economies. Its investments are in a range of industries: telecommunications and media, financial services, property, transportation and logistics, energy and resources, infrastructure, engineering and technology, as well as pharmaceuticals and biosciences. Companies in the Temasek group include listed firms such as Singapore Airlines, SingTel, DBS Bank, SMRT Corporation, Keppel Group and Neptune Orient Lines. Through AFH, Temasek also holds substantial stakes in banks in Indonesia, Malaysia, Korea, China and India.