Pakistan Software Export Board (PSEB) and AKD Securities (Financial Advisor Lot1) have signed a tripartite agreement with five IT/ITeS Companies for enlisting on the PSX GEM board.
In continuation of its endeavor to help grow IT Industries at multiple levels, The Pakistan Software Export Board (PSEB) has launched its unique initiative 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 percent of the listing cost 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 will be able to fund their plan for growth at multiple levels, thus, positioning themselves to exploit the national and international level business opportunities.
In his welcome note, the PSEB MD said, “PSEB endeavors to work in a direction and devise a sustainable IT enhancing framework to plan and implement various projects in every domain of demand and supply side. Under this vision, PSEB is undertaking various initiatives to help the IT Industry in human resource management, capacity building and IT infrastructure and ease of doing business through dialogues with different regulators”.
He further added, “listing of IT/ITeS Companies on the stock exchange will open up access to capital and will provide relief to the IT companies addressing their capital needs. Partnering with AKD Securities will assure the success of the project as AKDS are and want to be the front runners in providing quality services for the listing of companies”.
AKD Securities CEO said, “AKD appreciates the valuable interaction with PSEB whereby they are assisting the growth companies to shine up their potential through marketing their untapped potential to the futuristic investors. AKD is all set to perform its role to make the opportunity of GEM Board listing to a real GEM for the IT Industry”.
He further emphasized, “PSEB being government own body is well positioned to help convincing regulators to sublime the regulation creating enabling environment for investors to invest and tech companies to grow”.
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 were of the view that the initiative of PSEB will help expand the export base of the country, create employment and bring tech revolution to the country in years to come.
PSEB Managing Director Osman Nasir, AKD Securities Limited CEO Farid Alam, PSEB Project Director Talib H Baloch, Chief Executives of 5 applicant companies and representatives from senior management of AKDS, PSEB, and applicant companies were present on the occasion.