Pakistan Stock Exchange (PSX) has listed Universal Network Systems Limited (UNS) on its Growth Enterprise Market (GEM) Board. UNS which is widely known as BlueEX is the first company to be listed in the e-commerce logistics sector to be listed on PSX GEM Board. The listing was made a few days after Pak Agro Packaging Limited (PAPL) became the first company to be listed on PSX’s Growth Enterprise Market (GEM) Board.
The Growth Enterprise Market (GEM) Board is a platform created to help small and medium scale enterprises as well as greenfield businesses to help them raise capital. The Gong Ceremony was held to inaugurate the second listing on the GEM Board and to open the trading day. The issue comprised 6,857,000 ordinary shares with 25% of the post-issue paid-up capital of the company. The fixed price was Rs65/- per share. The issue was oversubscribed with applications for 11,548,000 ordinary shares ad the issue size being 6,857,000 ordinary shares.
The event was attended by Counsel General to China H.E. Mr. Li, Eileen Willingham, Commercial Attache US Consulate General Khi, and German Counsel General Mr. Holger Ziegeler & his wife Mrs. Claudia Ziegeler along with senior Industry leaders and Pakistan Stock Exchange leadership.
Managing Director (MD) PSX, Farrukh Khan, spoke at the ceremony saying,
“I congratulate Universal Network Systems as the second company to be listed on the GEM Board of the Exchange. This listing comes in quick succession to the first listing on the GEM Board which took place 10 days ago and we have a robust pipeline for future listings.”
He also added,
“The GEM board is an important innovation in Pakistan’s capital market and will support the financing needs of the hugely important and vibrant SME sector by enabling them to raise debt and equity capital, at a low cost and with ease. The new board will also help in the full value chain of early stage financing in Pakistan, which is really taking off now. So now, not only can smaller cos raise growth capital but early investors will also have a viable exit opportunity by listing on the GEM board.”
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