KARACHI: Emaar Pakistan, the subsidiary of Dubai-based Emaar Properties, Pakistan’s multinational pharma company CCL, FF Steel, Fast Cables and International Packaging Films are all at different levels in the process of exploring the listing option at the Pakistan Stock Exchange (PSX), their key officials informed during a panel discussion held here in a day-long IPO Summit 2024 themed ‘Empowering the Future of Capital Markets’.
The summit, organised by the PSX, was aimed at providing impetus to the Initial Public Offerings process after Pakistan saw only one listing in 2023.
Chief Marketing and Business Development Officer at the PSX, Raeda Latif, who moderated the discussion ‘Impetus and Goals for Listing’, confirmed to media that companies whose top officials participated in the panel are at different levels of exploring listing and listing readiness at the PSX.
She said some of these companies were getting prospectus ready for the IPO.
CEOs of Emaar Pakistan, CCL Pharma, FF Steel, and MD Fast Cables and Chairman International Packaging Films were part of the panel.
Emaar Pakistan CEO Sohail Baig said the objective of getting listed is to ensure that the company establishes themselves as the first international developer to list on the PSX.
“It will unlock opportunities and help us build relationships with all the partners in the value chain, which at the moment is missing,” said Baig during the panel discussion.
“Despite being one of the backbones of the economy (the real estate business), the documented space is still at the nascent stage. We are looking to help document the sector and not just our company,” he added.
“Access to liquidity will also allow us to accelerate our growth. We want to do things and we want to do it faster.”
He also said Emaar gets listed in the markets it operates.
CCL Pharma CEO Ali Masood said the company is currently operating in 24 countries of the emerging markets and their recent acquisition of a PICS (Pharmaceutical Inspection Co-operation Scheme) approved facility will give them access to export to 37 countries from Pakistan.
For their fast-paced expansion plans and challenges of high interest rates, they were evaluating options of looking to raise funds from the public. “(But) we will do the listing at the right time. We hope the country reverses from here for the better.”