LAHORE: Lahore Stock Exchange organized a Pre IPO (Initial Public Offer)/Book building awareness session of Hascol Petroleum Limited (HPL) here Tuesday.
The Hascol Chairman Mumtaz Khan along with his team shared the company's financial performance before the TREC (Trading Right Entitlement Certificate) Holders and the investors of the Lahore Stock Exchange. The AKD Securities CEO Farid Alam participated as the HPL financial advisor and Liaqat Ali as lead manager.
Liaquat Ali in his presentation covered financial details indicating performance, worth and potential of the company, and said the HPL had applied for listing of its ordinary shares at the LSE and Karachi Stock Exchange.
The present issue consists of 25,000,000 ordinary shares (27.59 percent of the post issue paid-up-capital of the Company), out of which 18,750,000 ordinary shares would be offered through book building at a floor price of Rs 20 per share to institutional investors and high net worth individuals and rest of 6,250,000 ordinary shares would be offered to general public at a strike price that would be defined during book building exercise, he maintained.
The HPL Lead Manager said the principal purpose of the issue was to inject additional equity into the Company mainly for utilization in the completion of Machike Storage Facility and for setting up new retail outlets across Pakistan.
Answering the investors' queries, the AKD Securities CEO Farid Alam explained the procedure and the pre requisites required in participating in the book building process.
On this occasion, the LSE Managing Director Aftab Ahmed Chaudhry appreciated the company and active participation of the investors that build confidence on the Exchange by experiencing the demand and supply present in the capital markets through such events.
Besides raising capital, he added, listing had numerous benefits that added on to the overall wealth creation of the company, its employees and subsequently to the economy on the whole.
It is to mention that HPL was incorporated in March, 2001 under the Companies Ordinance, 1984 primarily to take advantage of the petroleum sector deregulation and undertake a programme for owing, leasing and renting oil storage facilities as well as importing petroleum products for its own account. In February, 2005 Hascol was granted a full marketing license by the Government of Pakistan and since then, it had been engaged in developing a retail network under Hascol brand and by 31st December 2012 HPL had commissioned 200 outlets across Pakistan.
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