Ittefaq Iron Industries Limited was formally listed with Pakistan Stock Exchange (PSX) here on Monday. The ceremony was held in Trading Hall of PSX, which started with ringing of the gong by Chief Executive Officer of Al-Shafi Group, Mian Muhammad Javed Shafi. PSX’s Acting Managing Director Haroon Askari was present along with a number of brokers and officials of the stock exchange.
CEO of Al-Shafi Group, Mian Muhammad Javed Shafi, on this occasion, said with start of China-Pakistan Economic Corridor (CPEC) steel demand had significantly increased and was expected to grow further. He said that for meeting working capital requirement, the company decided to go listing instead of getting bank loan. “We got Rs 1.26 billion funds through listing,” he said.—APP