PLC staff gives shares back

People’s Leasing Company (PLC) announced yesterday that the Securities and Exchange Commission (SEC) granted approval to transfer 54.6 million ordinary shares of PLC, held by the employees of PLC at zero cost consideration, to its parent People’s Bank.

This was pursuant to a decision taken by the employees to voluntarily transfer the shares renounced in their favour by People’s Bank on 30 June 2011.

PLC said it is expected that the transfer of shares will be completed by 31 January 2012 as required by the SEC.