The Karachi Stock Exchange (KSE) on Tuesday notified the listing of privately placed term finance certificates (PPTFCs) of rupees one billion of Orix Leasing Pakistan Limited under the Regulations Governing Over-The-Counter (OTC) Market of the Exchange.
The PPTFCs are being listed under Regulation No 3(ii) and Schedule III of the regulations relating to listing of Debt Market Securities, issued to Qualified Institutional Buyers (QIBs) through private placement, a KSE notice said. The said PPTFCs will be listed on the Exchange with effect from October 17, 2011 and trading in the PPTFCs will commence one day after the date of formal listing ie from October 18, 2011 as required under Clause No 4(iv) of Schedule III of the regulations.
The trading in the PPTFCs will take place between the members outside the system and shall be reported to the Exchange via Negotiated Deal Market (NDM) and settlement of trade will take place on counter party basis. The eligible investors, who qualify the criteria of QIBs, as defined under Regulation No 2(n) of the Regulations Governing OTC Market, are allowed to trade in the PPTFCs of the company.
The market lot will be on certificate of face value of Rs 100,000 each and the minimum amount per transaction by a single QIB shall not be less than Rs 1,000,000. The National Clearing Company of Pakistan Limited (NCCPL) has assigned the Security Symbol/Company Code "OLPLTFC5" to the PPTFCs of the company.
JS Global Capital Limited has been appointed as the Market Maker of the issue, who will quote bid/offer spread for the PPTFCs on daily basis and would intimate the KSE of any trade in the instrument, which would be available through website of the Exchange under the "Market Information" Menu item as "OTC Scrips".
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