Pakistani firm interested in listing on Dubai Financial Market (DFM) |
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ABU DHABI -Pace Pakistan Limited (PACE), which runs a real estate and retail chain business in Pakistan, is interested in getting listed on Dubai Financial Market (DFM)Dubai Financial Market (DFM)
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The company has appointed NBD Investment BankNBD Investment Bank (NBD-IB) as lead manager/arranger, financial adviser and book runner for its listing on Dubai Financial Market (DFM)Dubai Financial Market (DFM) and raising a capital of up to $125 million.
PACE wants to benefit from the proposed equity offering in Dubai, to increasing its credibility and enhance the company's regional profile. This will facilitate greater access to growth opportunities as a result of increased acceptance and recognition by regional and international institutions, investors and fund managers.
Directly and through joint ventures, PACE has undertaken a mix of projects in the real estate and property development sectors in Pakistan. Its businesses range from building, operating and managing shopping malls to housing schemes, hotels/resorts, residential, office tower and multi-use developments.
In order to fund its nationwide expansion plans, PACE management has successfully executed multiple capital-raising transactions in recent months.
PACE listed on the Karachi and Lahore stock exchanges with its oversubscribed IPO in early 2007. This was preceded by $10.3 million pre-IPO investment from Millennium Global High Yield Fund. The IPO was followed by a $25 million Foreign Currency Convertible Bond (FCCB) issue which has been recently listed on the Singapore Stock Exchange. In addition PACE has also successfully closed issue of a PKR 1.5 billion listed TFC.
Salmaan Taseer, CEO of PACE Pakistan said :"This listing will enable PACE to powerfully drive its developments forward. We have a high regard for UAE and GCC investors who will hopefully play a vital role in PACE's success."
Commenting on this deal, Chief Executive Officer of NBD Investment BankNBD Investment Bank, Shahzad Shahbaz said, "As the first Pakistani real estate company listed in Dubai,this transaction represents an opportunity for local and regional investors, who are looking for assets within the South Asia region and who are increasingly targeting Pakistan."
BY HASEEB HAIDER
© Khaleej Times 2008
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