Staff Reporter Karachi
In yet another major step towards ensuring sustainable growth of Pakistan’s IT Industry, Pakistan Software Export Board (PSEB) has signed a Memorandum of Understanding with Pakistan Stock Exchange (PSX). The MOU was signed at Pakistan Stock Exchange.
Mr. Osman Nasir, Managing Director, Pakistan Software Export Board and Mr. Mr. Farrukh H. Khan, Chief Executive Officer & Managing Director, Pakistan Stock Exchange signed the MOU. Senior Officials from the Federal Ministry of IT & T, Pakistan Software Export Board, Security & Exchange Commission of Pakistan, Pakistan Stock Exchange and IT Industry representatives were present at the occasion.
Osman Nasir, Managing Director PSEB said that PSEB would work with Pakistan Stock Exchange to conduct seminars, workshops and events to create awareness of the benefits of listing for IT/ITeS companies and work with PSX authorized financial advisors, consultants and lead managers to assist the selected IT/ITeS companies for listing.
He said that PSEB is aiming to have 40 technology companies registered on Pakistan Stock Exchange and would extend significant financial and technical assistance to the tech companies to get listed on Pakistan Stock Exchange.
Shoaib Ahmed Siddiqui, Secretary IT said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital.
Pakistani Tech companies that get listed on Pakistan Stock Exchange would be able to raise funds by issuing shares which can subsequently be used for further business expansion.
By listing on the stock exchange, a company gains instant credibility and stature with the prospective clients and suppliers.
This is a significant advantage particularly for Pakistani tech companies as it makes it easier to solicit overseas customers due to increased credibility that comes from being listed on Pakistan Stock Exchange.
Listing on stock exchange also improves corporate governance and companies can maintain more autonomy and control through ability to rapidly raise low-cost capital compared to banks, venture capitalists or private investors.
