KARACHI:A gong striking ceremony was held to mark the successful completion of public subscription and listing of Panther Tyres Limited (PTL) on Pakistan Stock Exchange (PSE).
The Gong Ceremony was held here at the Trading Hall, Pakistan Stock Exchange Building, Stock Exchange Road, Karachi on Monday.
Addressing the Gong Ceremony, Chief Executive Officer (CEO) PTL Mian Faisal Iftikhar said that since last 26 years, this company started to work in Pakistan but the company received a lot of recognition thought the country after an initial public offering (IPO), recounting that the more investors participated in the public subscription of PTL as the IPO was over-subscribed.
This demonstrated that the company had worked hard to develop the trust among investors and public, CEO told, adding that the trust would help the company to go for expansion and launch products.
Moreover, it will assist the company to open new avenues for company across the world, Mian Faisal Iftikhar reaffirmed, saying that the vision of the Chairman PTL Mian Iftikhar was to make the Pakistan as Tyres exporting country.
He further reiterated that after the IPO, the company would start to get acceptance from other countries, adding that now whatever we are going to do; it would be betterment of company.
Welcoming PTL to PSE, Chief Executive Officer (CEO) PSE Farrukh H. Kahn IPO of PTL was much successful on PSE and the company has joined PSE family.
In addition to this IPO, there are a large number IPOs of other reputable companies which are in pipeline to be announced soon in near future, he said, articulating that the basic function of capital market was to help the company to give the opportunities to companies and raise the capital for them.
CEO PSE told that the PSE was doing it successfully as companies and investors were taking keen interests.
Such things would help the country to boost its economy and also generate more opportunities for investors and companies in the country, Farrukh H. Khan added.
He further said that after listing PTL on PSE, some good news will be coming in the future from the company and in addition, it will ensure culture of accountability and enhanced corporate governance.
An initial public offering (IPO) is the process where a company issues a stake of its ownership to the public for the first time.