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United Leasing Company Limited a joint venture non-bank financial institution engaged mainly in lease finance business and bills discounting. It was incorporated on 27 April 1989 as a public limited company under the companies act
1994 with an authorised capital of Tk 1,000 million. On 31 December 2000, its paid up capital was Tk 70 million, of which foreign and domestic sponsors held 40.29% and 33.57% respectively and the remaining 26.14% was held by institutional shareholders (19.46%) and the general public (6.68%). Foreign sponsors of the company are Asian Development Bank (ADB), Commonwealth Development Corporation and Lawrie Group Plc of the UK. Sponsors in Bangladesh are Duncan Brothers (Bangladesh) Ltd, Shaw Wallace Bangladesh Ltd, National Brokers Limited, Octavius Steel & Co. of Bangladesh Limited and the United Insurance Company Limited. The company is listed with the Dhaka Stock Exchange Ltd. On 31 December 2000, the total assets of the company were valued at Tk 1,482.11 million, 76.98% of which accrued to leased assets. Liabilities of the company included capital and reserve funds Tk 434.22 million, long-term loans from local and foreign sources Tk 867.63 million, and lease deposits Tk 180.26 million. Sources of funds of the company are mainly commercial banks. The company is eligible to receive fund from the World Bank sponsored Financial Institutions Development Project (FIDP) at concessionary interest rates. Number of lease contracts made and executed upto 31 December 2000 was 373 with total monetary involvement of Tk 1,119 million. The company performed relatively well in terms of profitability and it paid dividend @ 30% in 2000. The management of the company is vested in a 9-member board of directors including its chief executive, the managing director assisted by a team of 35 executives. It addition to the head office at Dhaka, the company has a branch in Chittagong. [S M Mahfuzur Rahman]
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