Islamabad
\nThe Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited.
\nThe banks were asked to provide export details for the company, formerly known as Shaheen Enterprises. The SECP also sought information from 30 banks on foreign remittances, export proceeds and other foreign exchange transactions received in accounts held by the company\u2019s sponsors and directors. Some banks have submitted responses, which are under review.
\nThe SECP initiated the investigation on October 21, 2026, under Section 29 of the SECP Act, 1997, read with Section 139 of the Securities Act.
\nInformation received from the IPO\u2019s joint lead managers, Topline Securities and Growth Securities, is under review. The response from consultant Parker Russell\u2013A.J.S. is also being examined.
\nThe investigation team is examining the IPO application and shareholder information.
\nThe Central Depository Company (CDC) provided an investor list, and the SECP later sought shareholder lists and transfer histories for persons named in the prospectus. The CDC\u2019s partial response, received on November 2, is under review.
\nThe company\u2019s auditor, Ilyas Saeed & Co., sought an extension to provide the requested information and records. The SECP granted the extension.
\nSE Fruits had planned to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each. The SECP halted the IPO in October, after which the company withdrew the offering.<\/p>\n","protected":false},"excerpt":{"rendered":"
Islamabad The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited. The banks were asked to provide export details for the company, formerly known as Shaheen Enterprises. The SECP also sought information […]<\/p>\n","protected":false},"author":2,"featured_media":460037,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-576566","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n