New beginnings: PIBT makes it to the stock exchange
Share trading to commence from December 23 as KSE approves listing.
Shares held by the general public, including corporate bodies, institutions and individuals, constitute 43.6% shares of the total issued and paid-up capital of PIBT. PHOTO: FILE
KARACHI:
Trading for the shares of Pakistan International Bulk Terminal (PIBT) on the Karachi Stock Exchange (KSE) will commence from December 23 after the KSE approved the company’s application for formal listing and quotation on the bourse’s ready board.
PIBT has a build, operate, transfer (BOT) contract with Port Qasim Authority (PQA) for the exclusive construction, development, operations and management of a coal, clinker and cement terminal at Port Qasim for 30 years.
According to a notice sent to the KSE on Tuesday, the market lot of the company will be 500 shares of Rs10 each. The existing issued and paid-up capital of PIBT is Rs545.7 million. Sponsors, directors and their relatives currently control 21% shares of the total issued and paid-up capital of the company while the stake held by an associated company and related party - Premier Mercantile Services - is 35.3%, which makes it the largest shareholder in PIBT.
Shares held by the general public, including corporate bodies, institutions and individuals, constitute 43.6% shares of the total issued and paid-up capital of PIBT.
The shares of the company have already been declared eligible securities by the Central Depository Company and all the transactions will be settled through the National Clearing Company, which has assigned the company the security symbol of “PIBTL”.
The opening price of the shares of the company will be Rs10 each and the circuit breakers of Rs5 will be applicable on the first day of trading. Normal circuit breakers will apply thereafter, the notice said.
The terminal will have an initial annual handling capacity of up to 12 million tons cargo, which will include coal, clinker and cement. Its storage area will be built on 62 acre within the remits of Port Qasim and the estimated cost of the project is $185 million.
Published in The Express Tribune, December 18th, 2013.
Trading for the shares of Pakistan International Bulk Terminal (PIBT) on the Karachi Stock Exchange (KSE) will commence from December 23 after the KSE approved the company’s application for formal listing and quotation on the bourse’s ready board.
PIBT has a build, operate, transfer (BOT) contract with Port Qasim Authority (PQA) for the exclusive construction, development, operations and management of a coal, clinker and cement terminal at Port Qasim for 30 years.
According to a notice sent to the KSE on Tuesday, the market lot of the company will be 500 shares of Rs10 each. The existing issued and paid-up capital of PIBT is Rs545.7 million. Sponsors, directors and their relatives currently control 21% shares of the total issued and paid-up capital of the company while the stake held by an associated company and related party - Premier Mercantile Services - is 35.3%, which makes it the largest shareholder in PIBT.
Shares held by the general public, including corporate bodies, institutions and individuals, constitute 43.6% shares of the total issued and paid-up capital of PIBT.
The shares of the company have already been declared eligible securities by the Central Depository Company and all the transactions will be settled through the National Clearing Company, which has assigned the company the security symbol of “PIBTL”.
The opening price of the shares of the company will be Rs10 each and the circuit breakers of Rs5 will be applicable on the first day of trading. Normal circuit breakers will apply thereafter, the notice said.
The terminal will have an initial annual handling capacity of up to 12 million tons cargo, which will include coal, clinker and cement. Its storage area will be built on 62 acre within the remits of Port Qasim and the estimated cost of the project is $185 million.
Published in The Express Tribune, December 18th, 2013.