AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Lahore: The Pakistan Stock Exchange (PSX) hosted a gong ceremony in Lahore to celebrate the listing of the Pakistan Credit Rating Agency Limited (PACRA) on its Growth Enterprise Market (GEM) Board. This event marks a significant milestone for PACRA, emphasizing its dedication to transparency and growth in Pakistan’s capital markets.
The ceremony saw the participation of notable guests, including representatives from LSE Capital Limited, IEL, the Pakistan Stock Exchange, and the Securities and Exchange Commission of Pakistan (SECP). Key figures such as Mr. Farrukh H. Sabzwari, CEO of PSX, and Mr. Imran Inayat Butt, Executive Director of SECP’s Securities Market Division, were present.
Mr. Sabzwari underscored the PSX’s efforts to make capital markets more accessible by hosting the ceremony in Lahore, where PACRA is based. He emphasized the importance of raising awareness about listings at the grassroots level. He noted PACRA’s successful capital raising, which exceeded its target, reflecting investor trust in the evolving market.
He highlighted the significance of the GEM Board, which now includes seven companies, as a platform for small and medium enterprises to raise capital efficiently. Mr. Sabzwari also announced plans for an IPO roundtable in Peshawar to further engage the business community.
Mr. Usman Haider, CEO of PACRA, expressed gratitude and pride at the listing. He emphasized PACRA’s long-standing role in promoting transparency and investor confidence in Pakistan’s capital markets and highlighted the new opportunities brought by the listing.
PACRA’s Chairman, Mr. Tariq Jamil, praised the GEM Board initiative and acknowledged the support from the Pakistan Stock Exchange and SECP. The IPO was oversubscribed by over four times, indicating strong market confidence in PACRA’s credibility.
Mr. Haider thanked the PACRA team, the Rating Committee, and the Board of Directors for their contributions. He also acknowledged the regulatory guidance from SECP and the State Bank of Pakistan and the support from the Pakistan Stock Exchange.
PACRA’s listing on the GEM Board highlights its solid foundation and its vision for continued growth in Pakistan’s financial landscape.