Jhagra announce IPO of steel company: Says KP open to business, investment
KARACHI
The Pakistan Stock Exchange (PSX) Wednesday opened its regional office in Khyber Pakhtunkhwa (KP) by holding a gong ceremony at the bourse.
Addressing the ceremony, KP Finance Minister Taimur Jhagra said that he is very happy that the PSX presence in KP is now a reality. “I am also pleased to announce a major IPO [initial public offering] of a KP steel company at the PSX. We have made this effort to create greater awareness, participation in the capital markets and financial inclusion for the investors in KP,” he added.
Jhagra said that the SMEs will now be able to get access to capital through listing on the PSX GEM Board. “Khyber Pakhtunkhwa Chief Minister Mahmood Khan, and I appreciate the efforts of the PSX leadership and management. To the business leaders in Karachi and all over Pakistan, I would like to say that KP is open to business and investment. There are great investment opportunities in Pakhtunkhwa and I would encourage you to participate in our economic growth,” he added.
Speaking on the occasion, PSX Managing Director Farrukh Khan, said that it is a proud and exciting moment for the Pakistan Stock Exchange to open a representative office in KP province.
He said that KP is a province, which is of great importance to Pakistan and its economy. Trading and business activity has been a forte of this region since ancient times and the region was a key part of the famous silk route. The current KP government has made a lot of efforts and progress to improve the economy and business environment in the province, he further said.
“With the increasing business opportunities in the province, we are confident that the PSX presence and facilitation in KP will support the expansion of business and investment activities in the province,: said Khan. He said that Khyber Pakhtunkhwa is a region, which remains untapped from both savings and investments perspective. Hence there is a lot of potential to develop the capital markets ecosystem in KP, he added.
He said there are excellent businesses, which will benefit from raising capital and listing at the PSX, while savers and investors will benefit from being able to access a wide range of investment products. “Many PSX brokers already have offices in KP and we look forward to working with them and others to help increase their footprint and activities in KP. I see great potential and mutual benefit in this collaboration for the businesses and investors in KP and the PSX capital markets fraternity,” the PSX managing director said.
Earlier, the north-western province was covered by the PSX through its northern regional office in Islamabad. By opening an office in KP, the PSX asserts its presence in the region by utilising its resources to spread investors’ awareness and education and to educate businesses about the benefits of listing on the exchange.
