KARACHI: Orient Rental Modaraba (ORM) on Friday formally entered the Pakistan Stock Exchange (PSX) for rental business trading in the capital market with its Islamic financing ecosystem. Orient Energy Systems chief executive Muhammad Saeed rang the gong to start the daily trading operations of the stock exchange as the chief guest. Saeed said his company’s comprehensive ecosystem would provide a wide-range of rental services based on Islamic financing, also covering cargo movement from the ports to market and industries and vice versa. As an initial step, the company had launched its generators rental service under Modaraba financing mode, he said. In the rental business, the company would have a complete focus on the people and on finding solutions for them. “ORM had come up with Rs750 million capital,” he added. PSX's deputy managing director Haroon Askari assured the fundamentals of the Pakistan Stock Exchange were still intact which was why companies were coming up to get listed with the exchange. He said the government should support the capital market which had a lot of potential to grow. “In its budget proposal, the PSX had recommended relaxation of 15 percent tax on capital gains to encourage the investors,” Askari said, and added that for the local investors, the turnover was not viable which should be at least flexible as in the past. Askari said brokers were facing problems nowadays, which was not a good sign for the economy. PSX’s deputy general manager operations Muhammad Ghufran expressed his pleasure over the listing of ORM, which had brought good volume of capital. It was over-subscribed 2.3 times in its second initial public offer, he said.
