Lahore, February 25, 2014 (PPI-OT): The Lahore Stock Exchange organized a Pre IPO/Book building awareness session of Hascol Petroleum Ltd, inviting the chairman – Hascol, Mr. Mumtaz Khan along with his team to share the company’s financial performance before the TREC Holders and the investors of the Lahore Stock Exchange. Among the advisors for HPL, Mr. Farid Alam, CEO – AKD Securities graced the event as the financial advisor and Mr. Liaqat Ali appeared as the lead manager and the arranger.
Mr. Liaquat Ali while delivering the presentation before the participants covered the financial details indicating the performance, the worth and the potential of the company. Mr. Liaqat Ali highlighted that Hascol Petroleum Limited has applied for listing of its ordinary shares at the Lahore Stock Exchange and the Karachi Stock Exchange.
The present issue consists of 25,000,000 ordinary shares (27.59% of the post issue paid-up-capital of the Company), out of which 18,750,000 ordinary shares will be offered through book building at a floor price of Rs. 20/- per share to institutional investors and high net worth individuals and rest of 6,250,000 ordinary shares will be offered to general public at a strike price which will be defined during book building exercise.
Mr. Ali also informed the participants that the principal purpose of the issue is to inject additional equity into the Company mainly for utilization in the completion of Machike Storage Facility and for setting up new retail outlets across Pakistan. Mr. Farid Alam, CEO AKD Securities, upon answering to the queries of the investors explained the procedure and the pre requisites required in participating in the book building process.
On the occasion, the Managing Director, Lahore Stock Exchange, Mr. Aftab Ahmed Chaudhry applauded on the part of both the company and the active participation of the investors that build confidence on the Exchange by experiencing the demand and supply present in the capital markets through such events.
Mr. Aftab while addressing the TREC Holders and a large number of investors appreciated the management of HPL for considering the listing for multiple benefits and enhancing company’s brand exposure both locally as well as globally. Mr. Aftab stressed that besides raising capital, listing has numerous benefits that add on to the overall wealth creation of the company, its employees and subsequently to the economy on the whole.
It may be mentioned that Hascol Petroleum Limited (HPL) was incorporated in March, 2001 under the Companies Ordinance, 1984 primarily to take advantage of the petroleum sector deregulation and undertake a program for owing, leasing and renting oil storage facilities as well as importing petroleum products for its own account.
In February, 2005 Hascol was granted a full marketing license by the Government of Pakistan and since then, Hascol has been engaged in developing a retail network under Hascol brand and by 31st December 2012 HPL had commissioned two hundred retail outlets across Pakistan.
For more information, contact:
Barkat Ali Anjum
Deputy Manager-Media and Public Relations Department
Lahore Stock Exchange (LSE)
Cell: +92 306 4506086
Tel: Direct +92 4236280792, +92 423636 8000 Ext. 5031-5032
Fax: +92 42 3636 8485 – 111 441441
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