Daily Times

In a momentous event, Mughal Energy Limited celebrated its listing on the GEM Board of the Pakistan Stock Exchange (PSX) with a grand gong ceremony. The event was graced by prominent investors and business leaders, who gathered to mark this significant milestone in the company’s history.

The ceremony featured addresses by distinguished guests, including MD PSX Farrukh H. Khan and CEO LSE Capital, Aftab Chaudhry. Jamshaid Iqbal, Director of Mughal Group, expressed his optimism about the company’s future on the GEM Board, emphasizing the importance of this achievement.

The Chairman of the Securities and Exchange Commission of Pakistan (SECP) highlighted the high potential of the GEM Board to provide an alternative listing venue. He noted that the private equity investors favor early-stage investments, and GEM listings offer fully automated trading, enhancing liquidity and investor participation. With 1,700 investors currently active on the GEM Board, the Chairman underscored the SECP’s efforts to energize GEM counter and invited stakeholders to participate in the consultation process for making GEM as regular contributor for promoting the listings of the SME companies.

Aftab Chaudhry, CEO of LSE Capital, stated that although LSE Capital had mostly been working on the restructuring assignments but Mughal Energy’s transaction is the first solo assignment undertaken by LSE Capital. He projected that during the upcoming fiscal years 2024-25, LSE Capital would bring about 4-5 new listings to the markey.

Jamshaid Iqbal, Director of Mughal Group, shared his sentiments on this landmark occasion, stating, “Today marks a significant milestone in the business journey of the Mughal Group. Mughal Energy Limited’s listing on the GEM Board is a matter of pride, achieved through the professional support of PSX.”

Iqbal extended heartfelt thanks to Farrukh H. Khan and his team, Aftab Chaudhry and the LSE Financial Services team, and all investors who contributed to the successful IPO. He reaffirmed the company’s commitment to creating long-term value for shareholders, achieving sustainable profits, and maintaining high standards of corporate governance, transparency, and social compliance.