Karachi (PR) “FPCCI is ready and willing to cooperate with all institutions and organizations including Pakistan Stock Exchange to promote business activities that generate wealth and economic wellbeing of people of Pakistan”, stated by Mian Anjum Nisar, President FPCCI while addressing the meeting organized by FPCCI Central Standing Committee on Capital Market & Securities at FPCCI Head Office Karachi. He further said that the Capital market enhances efficient financial intermediation. It increases the mobilization of funds and therefore improves efficiency and volume of investments, economic growth and development.
The discussion was mainly focused on capital formation and the possibility of providing public funds to the established and developing companies. It was agreed that FPCCI will actively update its database about the profile of all companies in Pakistan so that their need for capital can be assessed and delivered to them via capital markets.Mr. Haroon Askari, Convener of FPCCI Central Standing Committee on Capital Market & Securities highlighted the role of capital market as it helps in capital formation and economic growth of the country.
Chairman PSX, Mr. Suleiman Mehdi explained that the Stock Exchange occupies an important place in the market economy, He said that the Stock market activities contribute immensely to the economic development of the society by providing a good return to investors and providing these funds to business and industry. He said the PSX would be ready and willing to provide all possible assistance and help to the companies seeking listing at the Stock Exchange and for this purpose, he suggested that a formal MOU may be signed between FPCCI & PSX to prepare a proper mechanism and develop a firm structure to ensure continued cooperation.
Mr. Shahid Ali Habib of M/s. Arif Habib Securities and Mr. Mohammad Sohail of Top line Securities also concurred with these views while explaining some practical difficulties that required to be resolved in the way of small companies’ fundraising efforts via capital markets. It was agreed that all parties concerned will work together to remove these difficulties.
Concluding the event, Mr. Zakarya Usman, former President- FPCCI urged that it is a high time for all the relevant stakeholders to work together to achieve the desired results.The meeting was also attended by Mr. Shaid Ali Habib, Mr. Mohammad Sohail, Haji Ghani Usman,Mr. Adil Ghaffar, TREC Holder of Pakistan Stock Exchange and other senior members of business community.