Southern Networks prospectus approved

The Karachi Stock Exchange on Friday cleared the prospectus of 'Southern Networks Limited', according to Moin M. Fudda, Managing Director, KSE.
Total capital of the company is Rs 500 million, out of which an amount of Rs 150 million is being offered to the general public and employees of the company.
The company is seeking public subscription to meet part of the cost of the expansion project of Rs 440 million for Digital Television Services via Wireless Connection through Multipoint Multi Channel Distribution System (MMDS). The expansion project is financed through equity issue of sponsors, private placement and public offer, Fudda, said. After the approval of Securities & Exchange Commission of Pakistan, the company will also arrange presentation in the KSE auditorium before opening/closing of subscription, Fudda added.