KARACHI: Pakistan Software Export Board (PSEB) has signed a memorandum of understanding (MoU) with Pakistan Stock Exchange (PSX) to ensure sustainable growth of the IT industry, says a Press release.
Managing Director PSEB Osman Nasir and Chief Executive Officer & Managing Director PSX Farrukh H Khan signed the MOU at the Pakistan Stock Exchange.
Speaking on the occasion, Syed Amin Ul Haque, Minister for Information Technology & Telecommunication stated that the MoU is a giant leap forward for development of Pakistan’s IT industry. This is the first ever MOU signed between PSEB and Pakistan Stock Exchange.
He said the goal is to increase the number of listed technology companies on PSX Main Board & GEM Board which would in turn help strengthen the financial ecosystem for IT sector growth and contribute to efforts for building a strong brand image of Pakistan’s IT industry in the international markets. Due credit goes to Security and Exchange Commission of Pakistan for reducing corporate governance rules from 21 to 3 and for making it easier for technology firms to register on PSX.
Federal Secretary IT, Shoaib Ahmed Siddiqui said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital. Pakistani Tech companies that get listed on Pakistan Stock Exchange would be able to raise funds by issuing shares which can subsequently be used for further business expansion. He said by listing on the stock exchange, a company gains instant credibility and stature with the prospective clients and suppliers.
Osman Nasir said that PSEB would work with PSX to conduct seminars, workshops and events to create awareness of the benefits of listing for IT/ITeS companies and work with PSX authorised financial advisors, consultants and lead managers to assist the selected IT/ITeS companies for listing.
He said that PSEB is aiming to have 40 technology companies registered on PSX and would extend significant financial and technical assistance to the tech companies to get
See#2 Page7
