322 firms register with SECP

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) registered 322 companies during April this year.

This number is higher than the 254 in January, 270 in February and 293 companies registered in March 2010, respectively. An increasing trend in the incorporation of new companies has been seen in the last six months. The 322 companies incorporated in April comprised six public unlisted companies, 298 private companies, 13 single- member companies and five not for profit associations, registered under Section 42 of the Companies Ordinance 1984. Authorised capital and paidup capital of these companies amounted to Rs2,125.10 million and Rs604 million respectively. Seven companies had foreign investment.

Foreign investors in these companies belong to the US, UK, China, South Korea, the Netherlands, Syria, Uzbekistan, Canada, Panama, Germany, Denmark, Sweden and Norway. During April, the highest number of companies (115) was incorporated in Lahore, followed by Islamabad and Karachi registering 91 and 75 companies respectively. Peshawar, Multan and Faisalabad registered 14, 12 and 11 companies respectively, while Quetta and Sukkur registered three and one company respectively.

The trading sector has the major share with registration of 47 companies, followed by 38 in services, 30 in tourism, 27 in information technology, 20 in construction, 17 in communications, 16 in food and beverages, 12 in pharmaceuticals and 10 each in education, power generation and textile sectors.

During April, the SECP granted licences to four associations not for profit under Section 42 of the Ordinance. These associations have been formed with the objective of charity, development and utilisation of energy resources, policy analysis and developing strategy and formation of an institute for rural management.

Published in the Express Tribune, May 11th, 2010.