PSEB appoints JS Global as financial advisor for listing firms

KARACHI: Pakistan Software Export Board (PSEB) has appointed JS Global Capital Limited as financial advisor for listing of eight IT/ITeS companies on GEM Board of Pakistan Stock Exchange (PSX), a statement said on Thursday.

PSEB that functions under the ministry of Information Technology and Telecommunication awarded JS Global the mandate. The board aspired to list 40 IT/ITeS companies on the GEM Board, aiming to provide critical funding to technology companies and help them expand their businesses.

The signing ceremony was held on August 26 at JS Group’s head office in Karachi. JS Global was represented by its CEO Kamran Nasir and Imtiaz Gadar (Deputy CEO) while key officials from PSEB included Talib Hussain Baloch (Project Director) and Osman Nasir (Former MD PSEB) and senior management. The event was also graced by PSX management led by CEO/MD Farrukh Khan.

Speaking on the occasion, Farrukh Khan said, “It is commendable that PSEB has onboarded JS Global as the advisor. This development augurs well for IT/ ITes sector. For economic growth, it is important that the IT/ITes sector grows and that can be possible with companies focused on IT exports enlisting on PSX.”

“The memorandum of understanding signed between PSX and PSEB in 2021 to facilitate 40 IT companies to list on the GEM Board caters to the challenge of access to affordable capital, faced by IT companies in their efforts towards growth and expansion,” he added.

CEO JS Global Kamran Nasir commended PSEB and said, “We are honored to play our part in uplifting Pakistan’s future which lies in IT. IT exports have grown tremendously over last 2-3 years and we hope this trend continues.”

“JS Global’s track record in such transactions is no secret, having conducted the largest private sector IPO and recently being mandated for raising capital for the largest refinery expansion in Pakistan’s history,” he added.

Talib Baloch remarked, “One major impediment in growth of our IT sector is access to capital and GEM Board is the ultimate marketplace for tech to raise capital. We hence collaborated with PSX to connect capital market with investment opportunities offered by the IT sector to increase number of listed IT companies to enhance IT exports.”

He appreciated the progressive role of PSX in making the capital market vibrant and attractive for investors and tech companies. “We see the partnership with JS Global as a major milestone in achieving PSEB’s objective of supporting IT companies to raise capital and become full-fledged contributors to the economy.”