Pakistan Stock Exchange holds gong ceremony

ISLAMABAD (APP): A Gong Ceremony was held at Pakistan Stock Exchange (PSX) to mark the listing of preference shares of Engro Polymer and Chemicals Limited (EPCL).

According to PSX press statement received here, the listing, that had taken place on December 31st, would bring forth a new investment opportunity from EPCL.

To open the trading day, the gong was struck by CEO, Engro Polymer & Chemicals Limited, Jahangir Piracha, amidst presence of the COO, PSX, Nadir Rahman, board members of PSX, and senior management of both the organisations. The leadership and senior management of the Consultant to the Issue, Arif Habib Limited were also present at the occasion.

EPCL planned to raise Rs3 Billion by offering 300 million preference shares of face value of Rs 10/ per share, the statement said adding that the shares were offered through Fixed Price Method at an issue price of Rs 10/-per share.

Out of the 300million preference shares, 262.5 million preference shares (87.5%) were offered to and subscribed by the Pre-IPO investors whereas 37.5 million preference shares (12.5%) were offered to the general public.

The IPO of EPCL preference shares was extremely successful with applications for subscription of more than 202.047 million shares being received against an allocated target of 37.5 million shares in the general public portion of the said IPO. The general public portion of the IPO was thus oversubscribed by 5.39 times or by more than 164.547 million shares/ Rs 1.645 billion.

Speaking on the occasion, the COO, PSX, Nadir Rahman, said that this was an excellent opportunity to invest in the preference shares of a stable, solid, and growing company. The EPCL had raised equity capital for further expansion and debottlenecking while the oversubscription level indicated investor confidence in the company.

The CEO EPCL Jahangir Piracha, said that the company’s Preference Shares issue was a landmark transaction, having raised preference equity on non-rights basis in a very tumultuous year. 

The success of this issue shows the investors’ confidence in EPCL business and its strategic direction, adding that EPCL looked forward to continue to contribute towards the economic growth of the country, creating value for all our stakeholders and playing our part in deepening of Pakistan’s capital markets.

Mr. Shahid Ali Habib, the CEO of Arif Habib Limited said despite the challenges posed by the pandemic, there was an excellent response for the Preference Shares.

“It is a proud moment for us at Arif Habib Limited to have facilitated this journey for the Company that has now listed its third instrument on the PSX,” he added.