KARACHI: Pakistan Software Export Board (PSEB) has appointed JS Global Capital Limited as financial adviser for the listing of eight IT/ITeS companies on the GEM Board of Pakistan Stock Exchange (PSX), a statement said on Thursday.
PSEB, which comes under the Ministry of Information Technology and Telecommunications, awarded the mandate to JS Global. The board aspired to enroll 40 IT/ITeS companies on the GEM board, with the aim of providing critical funding to technology companies and helping them grow their businesses.
The signing ceremony took place on August 26 at the JS Group headquarters in Karachi. JS Global was represented by its CEO Kamran Nasir and Imtiaz Gadar (Deputy CEO) while key PSEB officials included Talib Hussain Baloch (Project Director) and Osman Nasir (former MD PSEB) and senior management. The event was also graced by PSX management led by CEO/MD Farrukh Khan.
Speaking on the occasion, Farrukh Khan said: “It is commendable that PSEB has taken on JS Global as an advisor. This development bodes well for the IT/ITes sector. For economic growth, it is important for the IT/IT sector to grow and this can be possible with IT export oriented companies enlisting on PSX.
“The Memorandum of Understanding signed between PSX and PSEB in 2021 to facilitate the listing of 40 IT companies on the GEM Board of Directors addresses the challenge of access to affordable capital faced by IT companies in their efforts to growth and expansion,” he added.
JS Global CEO Kamran Nasir congratulated PSEB and said, “We are honored to play our part in improving Pakistan’s IT-driven future. IT exports have increased significantly over the past 2-3 years and we expect this trend to continue.
“JS Global’s track record in such transactions is no secret, having completed the largest private sector IPO and recently being commissioned to raise capital for the largest refinery expansion in Pakistan’s history” , he added.
Talib Baloch remarked, “One of the main obstacles to the growth of our IT sector is access to capital and GEM Board is the ultimate marketplace for technology to raise capital. We have therefore collaborated with PSX to connect the capital market with the investment opportunities offered by the IT sector in order to increase the number of listed IT companies in order to improve IT exports.
He appreciated PSX’s progressive role in making the capital market dynamic and attractive to investors and technology companies. “We view the partnership with JS Global as a major step in achieving PSEB’s goal of helping IT companies raise capital and become full contributors to the economy.”