MARKETS
Service Long March Tyres Limited (SLM), a subsidiary/associated company, has filed its prospectus with the Pakistan Stock Exchange for the listing of its shares, marking a significant step toward its initial public offering (IPO).
According to the company, SLM aims to raise between Rs5.6 billion and Rs7.8 billion through the IPO. The proposed offer comprises 389.7 million ordinary shares at a floor price of Rs14.25 per share, representing a 5% stake in the company post-listing.
The proceeds from the IPO will be utilized to establish a Passenger Car Radial (PCR) tyres project, with an estimated total cost of Rs22.5 billion. The remaining funding requirements for the project will be met through long-term financing and the company’s internal cash flows.
The planned investment is expected to strengthen local tyre manufacturing capacity and support the development of Pakistan’s automotive sector. – ER News Desk
READ MORE
OpenAI Pledges Greater Transparency on AI Misbehavior
OpenAI on Wednesday pledged to systematically report incidents in which its artificial intelligence (AI) models…
Govt Moves to Reform Power Sector Regulatory Framework
Federal Minister for Finance and Revenue Senator Muhammad Aurangzeb chaired the first meeting of the…
Apple Appoints Salman Dar as First Head of Government Affairs in Pakistan
Apple has appointed Salman Dar as its first Head of Government Affairs for Pakistan, marking…
From Slide Rules to Artificial Intelligence — An Engineer’s 60-Year Journey
Engr. Farooq Mehboob reflects on six decades of engineering, from manual calculations and slide rules…
Engineering, Public Service and Nation Building: The Journey of Engr. Mukhtiar A. Shaikh
From the classrooms of Dawood Engineering College to leadership roles in public service, industry, and…
Building a Stronger Nation: Tahir Sultan on Engineering, Governance, and Economic Revival
Engineering Review: In the aftermath of the Middle East war, Pakistan’s fault lines and weaknesses…