(MENAFN- Khaleej Times)DIB Pakistan Limited is planning to list its share on Karachi Stock Exchange (KSE) as the Pakistan economy is expected to sustain positive growth trend in coming years according to its top official.
"We have a plan to initiate share listing by first quarter of 2016. We expect the planned initial public offering of DIB Pakistan Limited share to be a success on the KSE" Junaid Ahmed chief executive of DIB Pakistan told Khaleej Times during his recent visit to Dubai. The KSE is among best performing frontier markets in the world and recorded 8.6 per cent increase in its benchmark KSE-100 index this year with market capitalisation swelled to Rs7.5 trillion. Foreigners hold $7.4 billion worth of equities at KSE that is 32.4 per cent of the free-float capitalisation and 9.6 per cent of the total market capitalisation. DIB Pakistan will be joining the country's 21-listed commercial banks on the index which along with investment firms and securities companies has approximately nine per cent weightage on the KSE-100 index. To a question he said Pakistan economy is moving in positive direction and the government has launched mega infrastructure development projects that offers more investment opportunities to the banks and financial institutions. Referring to $45 billion China-Pakistan Economic Corridor project he said it would put the economy on growth path and gives enormous investment opportunities in various key sectors including energy and infrastructure. He said the landmark project will also bring foreign investment into the country and would strengthen the local industries and economy thus leading more improved performance in the stock market. "Dubai Islamic Bank Pakistan remains exceptionally well-placed to meet the banking challenges as it strives for excellence in the provision of Islamic banking for today's world. We as an industry leader are committed to play an important role in economic development of the country" Ahmed said. To a question he said multi-billion dollar Pak-Iran gas pipeline project would also help reduce energy shortage by 35 per cent through supply of 750 million cubic feet natural gas daily upon completion. "The project is expected to complete on fast track in the wake of easing United Nations sanctions on Iran economy after a deal with Western powers" he said. - SUNDAY | SEPTEMBER 6 2015 buy sell Indian Rs 18.61 18.03 Pak Rs 28.87 27.98 Sri Lankan Rs 38.44 35.63 Philippine Peso 13.03 12.67 B. Taka 21.64 20.84 (Rates are against Dh.1) Stock market index Dubai - DFM 3570.37 - 78.08 (WK) Abu Dhabi - ADX 4378.14 - 82.95 (WK) Source: Reuters/UAE Exchange Centre LLC
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