FNEL board Okays consultant for subsidiary’s sale

The Board of Directors of First National Equities Limited (FNEL) in an earlier meeting has approved to appoint a consultant for the negotiation and subsequent execution of an equity sale of its stake in Kingbhai Digisol (Pvt.) Limited.

The successful execution of this transaction relies on the satisfactory due diligence process and completion of all regulatory formalities.

As part of the Company’s strategy to effectively deploy capital in order to deliver returns to investors in an otherwise depressed economic environment, the FNEL capitalized on an opportunity to invest Rs764 million in KingBhai Digisol (Pvt.) Limited (“KingBhai”), a technology-enabled business operating in the real estate and technology services sectors.

Keeping in view the growth trajectory of these sectors and the Company’s assessment of the service gap in the sectors, the Company hopes the investment to give returns through investment value appreciation as well as dividends.

Kingbhai is digitally transforming Real Estate and creating the experiential destinations of the future and is one of the largest online property portals with quick and easy access to all verified properties across the country. Kingbhai brings the smooth and agile way of selling and buying your desired properties with a single click.

Kingbhai has further three businesses. The first one in https://www.winstore.pk/ is involved in the e-commerce business and is penetrating almost every segment from apparel, grocery to electronics. Kingbhai’s second business is https://www.7lands.pk/  that is involved in real estate business through an e-commerce platform and the third one is https://www.thecorrespondent.pk/ that is a leading digital media platform.