Another milestone on the way to increasing the presence of the IT industry on PSX
The Pakistan Software Export Board (PSEB) and AKD Securities (Financial Advisor Lot1) have signed a Tripartite Agreement with five IT/ITeS companies for enlisting on PSX GEM.
They did so at a ceremony held in Karachi.
Mr. Osman Nasir, Managing Director of PSEB, Mr. Talib H. Baloch, Project Director of PSEB, Mr. Farid Alam, CEO of AKD Securities Limited, Mr. Osman Nasir, Chief Executive Officer of five applicant companies, and senior management representatives from AKDS, PSEB, and five applicant companies attended the signing ceremony.
In continuation of its endeavour to help grow the IT industry at multiple levels, the Pakistan Software Export Board (PSEB) has launched its unique initiative.
Under its program, the objective is to enlist 40 small and medium-sized enterprises (SMEs) with an IT/ITeS background in the Growth Enterprise Market (GEM) Board of the Pakistan Stock Exchange (PSX) to raise equity capital through PSX and fund their expansion plans.
In the first round of selection of IT/ITeS companies, PSEB has selected:
- M/s Excellence Delivered Private Limited.
- I Engineering Private Limited.
- Sapphire Consulting Services Private Limited.
- Netsat Private Limited.
- Innovative Private Limited for the GEM Board listing initiative.
Under the program, PSEB will sponsor 70% of the listing costs incurred on a selected company’s listing.
Through this unique initiative of PSEB, IT/ITeS companies will raise millions of rupees as equity capital and be able to fund their plans for growth at multiple levels, thus, positioning themselves to exploit the national and international level business opportunities.
Under this vision, PSEB is undertaking various initiatives to help the IT industry in human resource management, and capacity building”, Osman Nasir said.
Listing IT companies on PSX
He added, “Listing IT/ITeS companies on the stock exchange will open up access to capital and provide relief to the IT companies addressing their capital needs.” Moreover, partnering with AKD Securities will assure the project’s success as AKDS is and wants to be the front runner in providing quality services for the listing of companies”.
Mr. Farid Alam, the CEO, adds, “AKD appreciates the valuable interaction with PSEB whereby they are assisting the growth companies in showcasing their potential through marketing their untapped potential to the futuristic investors.”
AKD is set to perform its role to create the opportunity for the GEM Board to list a real GEM for the IT industry.”
He added, “PSEB, being a government-owned body, is well positioned to help persuade regulators to simplify the regulations, creating an environment conducive to investors’ investing and tech companies’ growing.”
The chief executives of the selected companies showed excitement about availing this opportunity of partnering with PSEB and AKDS and assured their full support during the process.
They believed that the initiative of PSEB would help expand the country’s export base, create employment, and bring a tech revolution to the country in the coming year.
Mr. Talib Baloch adds, “PSEB carries a vision and ensures the government’s focus in endeavouring to create an enabling environment to foster the rapid growth of the IT Industry in Pakistan.
This initiative is a prime example that will help IT companies to provide instant access to capital through listing on the stock exchange.
He added, “Despite various challenges on the avenues of growth, working in close collaboration with IT companies can nurture the potential. PSX is also very keen and supportive to create momentum and relax the regulatory difficulties to the minimum possible level to ease out the investment environment”, he added
