The Karachi Stock Exchange on Wednesday announced launching of Over-the-Counter (OTC) Market through listing of first privately placed Commercial Papers (CP) of Rs 1 billion of Engro Fertilisers on the Exchange. According to a press release, the CP will be listed on the Exchange from Monday, January 17, 2011, and trading will take place from Tuesday, January 18, 2011 ie one day after the date of formal listing as required under the Regulations.
The purpose of OTC Market is to provide investors an efficient and transparent source of investment, beside encouraging the promoter to set up new industries or expanding the existing enterprises by raising funds in a cost-effective manner in a listing regime where requirements are less stringent.
KSE endeavours to develop healthy, efficient and transparent OTC Market in line with the international standards, which plays a pivotal role in the efficient working of the global financial system and in generating the economic growth of the countries across the world. The KSE foresees Pakistan's capital market, particularly the Debt Market, growing rapidly in the future to attain a place of pride among the leading capital markets of the region.-PR
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