Observer Report Karachi
Pakistan Stock Exchange (PSX) lists the second company on its Growth Enterprise Market (GEM) Board, Universal Network Systems Limited (UNS). It is the first company in the e-commerce logistics sector to be listed on PSX GEM Board.
The GEM Board is a listing platform created to facilitate growth enterprises, whether small, medium or green field businesses, for their capital raising needs. A Gong Ceremony was held to inaugurate the second listing on the GEM Board and to open the trading day.
The Ceremony was attended by MD & CEO PSX, Mr Farrukh H. Khan; Chairman UNS, Mr. Arif Elahi; CEO UNS, Mr. Imran Baxamoosa; CEO Topline Securities Ltd., Mr. Mohammed Sohail; CEO Arif Habib Ltd., Mr. Shahid Ali Habib; and senior management of the participating organisations including PSX, Universal Network Systems Ltd., Topline Securities Ltd. and Arif Habib Ltd. Topline Securities Limited & Arif Habib Limited were the Joint Advisors to the Issue.
Mr Arif Elahi, Chairman UNS, and Mr. Wasim Akram, Anchor Shareholder of UNS, were the Chief Guests at the occasion.
Mementos from PSX were also distributed to the Chief Guests and the senior management of the four participating organisations, amongst others, at the event – Topline Securities Limited, Arif Habib Limited, Universal Network Systems Limited and Pakistan Stock Exchange Limited.
Amongst the prominent guests at the occasion were Mr. Li Bijian, Consul General of China in Karachi; Mr. Holger Ziegeler, Consul General of Germany in Karachi; and Mr. Irfan Siddiqui, President & CEO, Meezan Bank Limited.
Universal Network Systems Limited or Blue Ex is a company involved in core logistics, e-commerce logistics, warehousing and relevant e-commerce & logistics operations.
UNS had set out to raise Rs 445,705,000 through the PSX GEM Board Listing. The Issue consisted of 6,857,000 ordinary shares comprising of 25% of the post-issue paid-up capital of the Company. The entire Issue was offered at a fixed price of PKR 65/- per share.
The Issue was oversubscribed by 1.68x as total applications for 11,548,000 ordinary shares against the Issue size of 6,857,000 ordinary shares were received.
Speaking about the successful listing of Universal Network Systems Limited on the GEM Board of PSX, the MD PSX, Mr. Farrukh Khan, stated, “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.”