Being the premier Exchange of the country, it's a great honor to be associated with the 2018 edition of SAFE - PSX IPO Summit at Lahore. I appreciate our regional exchange federation - the South Asian Federation of Exchanges, for joining PSX in the hosting of the Pakistan IPO Summit 2018. Encouraging new companies for listing at the bourse is one of the responsibilities of our Exchange, and events such as the Pakistan IPO Summit are to promote a culture of listing.
We need to educate our emerging enterprises about the market, and the pathways of becoming a listed enterprise. IPO Summits can highlight how to launch a successful IPO, and how to benefit from abundant fund-raising opportunities provided by the market. Besides the initial public offering, the potential IPO companies can also raise funds through commercial papers, term finance certificates, sukuk and long-term bonds from our market. It's unfortunate that despite many benefits, our family owned businesses are not interested to list their businesses at a stock exchange. Indeed, going public has certain requirements that disinterest business-owners such as: greater scrutiny of company's affairs, conformation to certain regulatory and governance regime and the prospect of non-family directors being represented on the board after listing.
However, for those who have a larger vision and bold ambition, going public can satisfy their desire to grow faster and transform their companies into much stronger and better managed companies. In fact, in an era where the marketplaces are becoming global and competition is becoming intense, companies have much to gain by sourcing finance from the stock markets for long term growth and prosperity. It is with the above message that we need to convey to our industries and businesses and encourage them to think of the IPOs to get an easier access to capital. While doing so, we should tell all our potential companies to think of PSX as their partners in raising risk finance. We must also apprise our potential companies that the compliance requirements such as; regular reporting of financial and other material information to the market, should rather be viewed as an exercise to communicate with the market and not a burdensome requirement. We must also educate the companies that a timely communication with the market can lead to better liquidity and valuation of the stock of such companies. The Government of Pakistan is also helping the companies who want to try this approach of funding by allowing them a tax rebate for four years: 20% for first two years of Initial Public Offering and 10% for the next two years. The process of listing makes a company visible to not only potential investors in the country but also potential customers of their products. As a listed entity, Company becomes an interest for foreign investors as well who are sceptic of investing in private concerns. Thus, it is with such a differentiated approach that we need to embark on the mission of finding the next blue-chip company in Pakistan. An inspiring IPO in the recent times has been of Hascol Petroleum in April 2014 where the company raised PKR 1.4 billion for 27.59% of the ownership to be listed at the stock exchange. This brought foreign investment attention whereby Vitol Dubai, a global oil trader, acquired 15% in February 2016 and further 10% in July 2017 for a total of USD 46.7 million. Hascol's retail outlets grew from 210 in 2013 to 531 in 2017, a 4-year CAGR of 26%. The sales grew at a much higher rate of 39%: from PKR 57 billion to PKR 216 billion. The company also added to its fixed assets by PKR 11 billion. A growth fueled by capital injected from listing and foreign investment allowed the company to increase its market share of mere 2.5% in 2013 to 12% in 2017. I hope and pray that we succeed in this mission of strengthening the economic utility of our Exchange to our society. I also applaud all sponsors of the event without whose help the organization of such an event would not have been possible. I am deeply appreciative of the efforts of the SAFE Secretariat team for assisting us with the logistics of such an important event. I hope that all our attendees would find the Summit to be of greater value and knowledge.