SECP seeks records from banks in IPO probe
ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited, formerly known as Shaheen Enterprises. The regulator has also sought information from 30 banks about foreign remittances, export proceeds and other foreign exchange…
The Securities and Exchange Commission of Pakistan (SECP) has requested export records from seven banks in connection with its probe into SE Fruits and Vegetable Limited's proposed initial public offering (IPO). The regulator has also asked 30 banks for information on foreign remittances, export proceeds, and other foreign exchange transactions held by the company's sponsors and directors.
Some banks have responded, with their answers currently being reviewed. The SECP launched the investigation on October 21 under Sections 29 of the SECP Act 1997 and 139 of the Securities Act. Data from the IPO's joint lead managers, Topline Securities and Growth Securities, is also being examined. The investigation team is looking into the IPO application and shareholder details.
The Central Depository Company (CDC) provided a list of investors, leading the SECP to request shareholder lists and transfer histories of individuals mentioned in the prospectus. The CDC's partial response, received on November 2, is currently being reviewed. The company's auditor, Ilyas Saeed & Co, requested additional time to provide the requested information, which was granted by the SECP.
SE Fruits aimed to raise up to Rs1.2 billion by offering 30 million shares at Rs40 per share. The SECP suspended the IPO last month, after which the company cancelled the offering.
Written by urgent.news from Dawn Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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