Mughal Energy Limited celebrated its listing on the Growth Enterprise Market (GEM) Board of PSX with a gong ceremony. This marks the fourth company to join the GEM Board since its launch in 2020.
The GEM Board provides a platform for small, medium, and greenfield businesses like MEL to raise capital and list on the stock exchange.
Mughal Energy, a subsidiary of the already listed Mughal Iron & Steel Industries Limited, is currently installing a 36.5 MW hybrid power plant to ensure uninterrupted electricity supply for its parent company.
MEL’s initial offering of ordinary shares on the GEM Board attracted significant interest, exceeding the target by 1.7 times. All 55 applications from investors were successful.
“The successful listing of Mughal Energy is a positive sign proving that the GEM Board is a viable platform for greenfield projects to raise capital,” stated PSX’s MD & CEO, Farrukh Khan. He highlighted the benefits of the GEM Board, including its efficient listing process and transparency.
Khurram Javaid, CEO of Mughal Energy, expressed his delight at joining the PSX. “The listing will enhance our visibility and credibility and provide a solid foundation to achieve our strategic objectives,” he said.
Aftab Ahmad Chaudhry, CEO of LSE Capital Limited, the advisor to the issue, emphasized the significance of the listing, showcasing the growth potential of Pakistan’s capital markets.
This successful listing on the GEM Board is seen as a positive step for both Mughal Energy and the development of Pakistan’s stock market, particularly for greenfield businesses seeking to raise capital.
