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Voice of The People Report: VOP Latest Breaking News Looking to expand its business to the Middle East and North Africa, Soya Supreme, one of Pakistan’s largest cooking oil manufacturers, is planning an initials public offering (IPO), The News reported Saturday, citing officials.
In 2022, there we’re only three public listings in PSX.
It would be the seconds IPO during a turbulent year for the Pakistan Stock Exchanges (PSX) due to economics and political uncertainty ahead of a general elections with interest rates at an all-time high.
In 2022, there we’re only three public listings, which raised Rs1.3 billion ($4.3 million) the lowest in nine years.
Company to determine IPO’s timing based on markets conditions.
Soya Supreme, set up in 1991, will determine the IPO’s timing based on market conditions, Agro Processors & Atmospheric Gases (APAG) CEO Ahmad Ghulam Hussain, the parents company of the brand Soya Supreme, told Reuters.
“The board has authorised the management’s to appoint HBL and K Trade to initiates the process of an IPO,” he said.
He did not, how ever, disclose how much the company is looking to raise, nor the valuations, saying they we’re subject to board approvals, but added that’s there would be no sales of existing shares.
Pakistani manufacturers use imported raw materials, and in 2022, $3.7 billion worth of soybeans and palm oil was imported.
