KARACHI: In a watershed development at Pakistan Stock Exchange (PSX), Pak Agro Packaging Limited (PAPL) becomes the first company to be listed on PSX’s Growth Enterprise Market (GEM) Board. The GEM Board is a listing platform created to facilitate growth enterprises whether small, medium or Greenfield businesses for their capital raising needs.
Adviser to the Prime Minister on Finance and Revenue Shaukat Tarin was the Chief Guest of the gong ceremony. The Ceremony was also attended by Chairman SECP, Aamir Khan; Chairperson PSX, Dr. Shamshad Akhtar; MD and CEO PSX, Farrukh H. Khan; Board Members PSX; CEO Pak Agro Packaging Limited, Khalid Butt; CEO AKD Securities Limited Farid Alam and senior management of the participating organisations including PSX, SECP, Pak Agro Packaging Limited and AKD Securities Limited.
Pak Agro Packaging Limited had set out to raise Rs 180 million through the PSX GEM Board Listing. The Issue of Pak Agro Packaging Limited consisted of 8,000,000 ordinary shares comprising of 40 percent of the post-issue paid-up capital of the Company. The entire Issue was offered through book building process at a floor price of Rs 22.50 per share.
The amount raised was Rs 198,000,000 against total bids received Rs 366,453,573 (or 14.79 million shares) at strike price of Rs 24.75 per share, thereby the Issue was oversubscribed by 1.85x. A large number of investors participated in the book building process and out of 106 bidders, 69 investors were declared successful.
Tarin, hailing the inclusion of the first company on the GEM Board, congratulated the management of Pak Agro Packaging Limited, the board members and the management of Pakistan Stock Exchange and the Securities and Exchange Commission of Pakistan who have worked tirelessly in converting this dream into reality for the first listing on the GEM Board. He recommended SMEs to come forward to avail this opportunity to raise capital through the stock exchange.
Copyright Business Recorder, 2021
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