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ISLAMABAD: The Pakistan Software Export Board (PSEB) will sign a memorandum of understanding (MoU) with the Pakistan Stock Exchange (PSX) to increase the number of listed technology companies on the PSX Main Board & GEM Board which would in turn help to strengthen the financial ecosystem for the IT sector growth.

The Ministry of Information Technology and Telecommunication official stated that the MoU is a giant leap forward for the development of Pakistan’s IT industry.

This would be the first-ever MoU between the PSEB and the Pakistan Stock Exchange.

The aim is to increase the number of listed technology companies on the PSX Main Board & GEM Board which would in turn help to strengthen the financial ecosystem for the IT sector growth and build a strong brand image of Pakistan’s IT industry in the international markets, the official added.

PSEB Managing Director Osman Nasir said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital.

Pakistani tech companies that get listed on a Pakistan Stock Exchange would be able to raise funds by issuing more shares which can subsequently be used for further business expansion.

He said that the PSEB would work with the Pakistan Stock Exchange to conduct seminars, workshops, and events to create awareness about the benefits for IT/ITeS companies for listing on PSX and work with PSX authorised financial advisors, consultants, and lead managers to assist the selected IT/ITeS companies for the listing.

There are significant benefits for Pakistani technology companies to list on the stock exchange. By listing on the stock exchange, a company gains instant credibility and stature with prospective clients and suppliers.

Copyright Business Recorder, 2021