The Central Depository Company of Pakistan Limited (CDC) has inducted and subsequently, transferred 1.326 billion LOT 'B' shares of Pakistan Telecommunications Company Limited (PTCL) to the account of the buyer.
This is the second such transaction during the financial year as earlier in November 2005, 9.611 billion shares of KESC were facilitated through the Central Depository System of the Company.
With the induction of PTCL shares, the total number of shares under the custody of CDC has surged to around 31.7 billion, an increase of 79 percent during the financial year. The increase shows the confidence of the investors in the services of the CDC.
The capital market boom witnessed in the recent years is partly due to the endeavours of the Government of Pakistan to deregulate enterprises of national significance through stock exchanges and sale to strategic investors. These measures are intended to bring healthy competitiveness and increased efficiency to the economy.
Under the impregnable regulatory framework established by the Securities and Exchange Commission of Pakistan (SECP), and with the institutions of efficient systems like the Central Depository System (CDS) and automated trading and clearing systems, the market is set to evolve into a benchmark of efficiency for the region.
Over the years, the CDC has emerged as an important link in facilitating the privatisation process and bringing voluminous IPOs to the market with unprecedented efficiency. The Company has handled major IPOs like Oil & Gas Development Company Limited (OGDCL), Pakistan Petroleum Limited (PPL), Pakistan International Airlines (PIA), Kot Addu Power Company (Kapco) and others.-PR