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10 new IPOs at PSX on the cards: Asad Umar - Inside Financial Markets

10 new IPOs at PSX on the cards: Asad Umar

Federal Minister for Planning, Development and Special Initiatives, Asad Umar has said that a record 10 new IPOs are also being planned by companies for listing on the stock exchange this year, adding that the country’s economy is moving into the growth phase.

In a tweet on Sunday, the federal minister said that strong earnings being reported by companies listed on Pakistan Stock Exchange (PSX) reflect the achievement of economic stability.

Earlier while addressing a reception arranged by Pakistan Tehreek-e-Insaf (PTI) Youth Wing and Insaf Students Federation (ISF) in Hyderabad, the federal minister said that a mega-development package for the city on the lines of the Karachi package would be worked out soon.

“The Hyderabad package would be worked out after the Karachi package’s development works would be streamlined,” he added.

He apprised that the Engineering Support Center had been established in Hyderabad to support the industries especially motorbike, bangles and others. “Schemes for Hyderabad were included in the last federal budget in accordance with the manifestos of MQM-P and PTI to improve the lives of the people,” he added.

“If you check the streets in Karachi and Hyderabad you will not find basic facilities which are the provincial government’s onus. Therefore, the federal government felt the need for those smaller schemes,” he said.

He further said the federal government would extend all-out support for the development of Hyderabad as it is the second-largest city of Sindh.

The minister said during his interaction with Hyderabad’s business community, the latter complained that the problems they had been confronting were under the purview of the provincial government which had failed to address them.

“Who holds the reins of power in Sindh. Aren’t these the same people whose financial resources have kept increasing but at the same time, the problems of the people are also building up?” he questioned.

Responding to a question about the controversy revolving around the Bhundar and Dingi islands in Sindh, the minister said that Prime Minister (PM) Imran Khan had already clarified that the issue would be resolved with consensus.

“We aren’t sending an army to occupy these islands. The PPP’s (previous) federal government had itself tried to initiate similar projects on these islands,” he recalled.

Asad Umar questioned why the provincial government issued NOCs for the two islands to the Centre in July 2020 if they were opposed to the federal initiative. ” I think only politics is being done on the islands,” he observed.

He contended that presently Pakistan, particularly Sindh, needed investment and employment which would be provided by the island projects.

When questioned about the controversy concerning the population census 2017, he told that the federal government had formed a cabinet committee, comprising representatives from all the provinces, to resolve the issue.

“If the census increases the Karachi population, Sindh’s share in the NFC and the federal resources will also increase.

“Why haven’t we heard the voice of the Sindh government or Sindh CM on this issue? This question should be asked from them,” he conlcluded.

By APP (Profit Pakistan Today)

Syed Zaki Hussain

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Inside Financial Markets was a joint publication of Pakistan Stock Exchange (PSX)and Society of Technical Analysts Pakistan (STAP)