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More independent power producers to be enlisted with stock exchanges

ISLAMABAD (December 18 2002) : In a major move to expand stock market by attracting prospective investors, the government has decided to enlist more Independent Power Producers (IPPs) and new power projects with the stock exchanges.

This would not only enlarge investment base in the fuel and energy sector, but would also increase opportunities for the investors.

Zafar Ali Khan, Managing Director, Private Power and Infrastructure Board (PPIB), assured a three-member delegation of the Islamabad Stock Exchange (ISE) here on Tuesday that the new power projects and IPPs would be soon enlisted at the stock exchanges.

The ISE delegation included Managing Director ISE Aftab Chaudhry, Chairman ISE, Umer Iqbal Pasha and Executive Director Chaudhry Muhammad Sharif.

Zafar Ali Khan was confident that the key role played by hot favourites, like Hub Power Company, in gaining investors' confidence has opened doors for IPPs to accumulate more resources. Hubco is the prime example as all kinds of investors, including financial institutions, willingly to buy/sell Hubco shares.

He said the government has formulated a policy to encourage investment for public and private companies in the stock exchanges.

In this regard, the PPIB desires to extend all out help to the stock management to identify potential companies for enlisting at the bourses.

The ISE management discussed various proposals with the Private Power and Infrastructure Board pertaining to the enlistment of new companies.

It was agreed between the two sides that the companies with the strong fundamentals and sound footings should be enlisted with the stock exchanges.

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