Trading in the shares of Mughal Iron & Steel Industries Ltd is going to start on the ready board of the Lahore Stock Exchange (LSE) from Wednesday (today) and all transactions taking place in respect of the Company will be settled on T+2 settlement basis. LSE has approved the application for formal listing and quotation of shares of Mughal Iron & Steel Industries Ltd, on completion of all formalities required under the Listing Regulations of the Exchange.
A spokesman of the LSE said here on Tuesday that the first settlement date would be April 17. The market lot of the company will be 500 shares of Rs 10/- each. The shares of the company have already been declared eligible security by the Central Depository Company of Pakistan (CDC) and all the transactions shall be settled through the NCCPL, which has already assigned Company Code/Security Symbol as "Mughal". The opening price of shares of the company will be Rs 34 per share as determined through book building process. Normal circuit breakers will be applicable on the opening price of shares in the Ready Market. After listing of this company at the Ready Board Quotation, the number of companies listed at LSE would reach 434.
Managing Director and Chief Executive Officer of LSE Aftab Ahmed Chaudhry congratulated the stakeholders and management of the new listed Company Mughal Iron & Steel Industries Ltd, and informed the investors that after the listing of this company at the LSE a new product in "Engineering" sector will available for investment.
He also highlighted the steps taken by the LSE contributing to build a mechanism that has produced more transparency in the trading of the shares as well as to secure the investment of the investors.