Pakistan's largest shoe exporter, Service Global Footwear Ltd., has planned an initial public offering (IPO) to raise funds from the domestic market to invest in the parent company's tire joint-venture.
Service Global Footwear plans to use the IPO proceeds to buy about 20% stake in a joint venture set up by Service Industries and China’s Chaoyang Long March Tyre Co.
The report was of the view that it expects the economic activity in Pakistan to continue the robust pace it has shown over the last couple of months.
The report was of the view that “we think that an exit from the FATF grey list in February has become quite likely. This would be a significant stimulant for confidence in the equity bourse.”