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JS Bank Permitted to Convert Rs 3 5 Billion Term Finance Certificate Into Common Shares
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Soneri Bank to Raise Rs 4 Billion Via TFC for Expanding Operations
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Bank of Punjab to Raise Rs 10 Billion Through Term Finance Certificate
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KARACHI: The Pakistan stock market saw a thriving Initial Public Offering (IPO) market in the FY21.
In all eight equity offerings were witnessed during the year which raised Rs20bn, the highest sum mobilised by corporates in 14 years the previous best was 12 transactions in FY07.
The eight new listings included: The Organic Meat Company, TPL Trakker Limited, Agha Steel Industries Limited, Panther Tyres Ltd, Service Global Footwear Ltd, Citi Pharma Ltd and Pakistan Aluminium Beverage Cans Ltd. The eighth was a preference share issuance of Engro Polymer and Chemicals Ltd.
Head of Research at Arif Habib Ltd Tahir Abbas said that besides the equity offerings, Bank Alfalah Ltd issued a Term Finance Certificate (TFC) during the year to raise up to Rs11bn. “Hence, total capital raised via debt plus equity IPOs stood at Rs31bn in FY21”.
PSX to deploy its 5-million dollar trading system in March 2021
>According to Farrukh H. Khan, CEO and Managing Director of PSX, “
The system acquired at the cost of around $5 million is in the process of implementation and is expected to come live by March next year.
The implementation will also encourage and boost investors’ confidence because of the robustness of the system and effective surveillance.”
The surveillance system consists of features, such as Real-time monitoring, Ex-post investigation, Trade replay, Data query and reporting, Case management, Surveillance task management, Security and audit, and Job Schedule system. These features are world-class stock market surveillance tools and PSX stakeholders of the Capital Market will be direct beneficiaries. The additional benefits of the SZSE Trading System would be built-in Risk management, Market access, Market data dissemination, Market control, Real-time trading system, Disaster Recovery & System operation, m