Call to raise funds through stock exchange for future needs

FAISALABAD: Industrialists must exploit the huge untapped potential of the capital market to upgrade and extend their existing units, said Malik Dilaways Chief Executive Officer (CEO) of the Dollar East.

In a meeting with Senior Vice President (SVP) Faisalabad Chamber of Commerce & Industry (FCCI) Chaudhary Talat Mahmood, he said that non availability of capital is a major hurdle in the up-gradation and expansion of the existing units and businesses as they are shy of approaching stock exchange.

He said that we must change our mindset and raise funds through the stock exchange for our future needs. He said that very recently Interloop has arranged Rs.4 billion from the capital market while other industrialists should also avail this facility. He said that many industrial groups of Karachi are planning to shift to Faisalabad as it is more secure and comparatively cheaper in terms of land, infrastructure and labour.

"Similarly, ten years tax holiday is also an additional benefit," he said and added that Faisalabad is emerging as a major industrial hub of South Asia and hence maximum financial resources should also be diverted towards this city for its uninterrupted growth.

He said that an awareness session on the importance of the capital market would be arranged to give basic information about this most important financial tool.

Earlier Chaudhary Talat Mahmood SVP underlined the industrial, commercial and business importance of this city and said that scattered industrial units are being shifted to the state-of-the-art M3 Industrial Estate and Allama Iqbal Special Economic Zone. He said that fully developed land is available in these industrial estates at most affordable rates while buyers could immediately start construction just on the payment of 15%.

He said that Faisalabad has abundance of financial resources but most businessmen have entered into this arena accidently. "By reorganizing their businesses on scientific lines, they could make tremendous progress", he said and added that by exploiting the potential of the capital market; they could further expand their businesses. He also endorsed the idea to arrange awareness sessions so that our businessmen could understand the pros and cons of the capital market.

Later, Chaudhary Talat Mahmood presented FCCI shield to Malik Dilaways CEO Dollar East while Vice President Ayub Aslam Manj offered vote of thanks. Khwaja Naveed Hafeez Regional Head of the Dollar East Faisalabad, Rana Fayyaz, Rana Ikramullah, Mian Abdul Waheed and Sanaullah Niazi were also present during this meeting.-PR

Copyright Business Recorder, 2021