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Dawood opens PSX trading with opening bells

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Dawood opens PSX trading with opening bells

KARACHI: The Chairman of the Board of Dawood Hercules Corporation (DH) & Engro Corporation, Hussain Dawood and his team, visited the Pakistan Stock Exchange to open the trading session with the gong ceremony, says a Press release.

PSX has embarked on an initiative to recognise the efforts and contributions of leading business figures of the country who have played an important role in developing the capital market, business activities, and economy of the country. Hussain Dawood is the first invitee to have been bestowed this honour by PSX.

Hussain Dawood was accompanied by members of his family. Also accompanying him were Chief Executives of eight public listed companies stewarded by Hussain Dawood, Dawood Hercules Corporation, Engro Corporation, Engro Fertilisers, Engro Foods, Engro Powergen Qadirpur Limited, Engro Polymers, Dawood Lawrencepur Limited, and Cyan Limited.

Also present on the occasion were Moin M. Fudda, Chairman CDC; Humayun Bashir, Chairman NCCPL; Muneer Kamal, former Chairman PSX; Dr. Shamshad Akhtar, former Federal Finance Minister; and Adnan Afridi, MD NIT & Member SECP Policy Board. From the business community, Kamran Nasir, CEO JS Global Capital Ltd. was present on the occasion.

Chairman of the Board of PSX, Sulaiman Mehdi; Managing Director, Richard Morin; Members of the Board; and senior management of Pakistan Stock Exchange (PSX) received the distinguished guests and led them to the Trading Hall for the ceremony.

Opening the trading day by striking the gong, Hussain Dawood briefed the media wherein he thanked the PSX team for inviting him for the ceremony. Speaking on the occasion, Hussain Dawood said:

“The success of nations only occurs when all of us act as one team. That is only possible if we bring as many shoulders to the wheel as we can. We should endeavour to make the Stock Exchange as an important part of bringing the nation together, in seeing progress by having more number of people come and participate and help in the growth of the economy to the benefit of all. The stock exchange is not for making money, it is for creating money. There’s the difference.”

The services rendered by Hussain Dawood for growth of business and development of Pakistan economy were lauded by the PSX team. Hussain Dawood has been instrumental in building a business conglomerate that has presented a soft and progressive image of Pakistan in the local and international community. Names such as Engro Corporation Ltd., Engro Fertilisers Ltd., and Dawood Hercules Corporation Ltd. speak of the fact that these companies serve as a benchmark for quality corporate governance with international standards for all companies to look up to, whether local or international.

Dawood continues to repose confidence in the potential of Pakistan and strives to invest in Pakistan. Recently, the Karachi School of Business and Leadership (KSBL) was established because a group of Pakistani business and corporate leaders led by Hussain Dawood recognized that Karachi, the business and commercial hub of Pakistan, needed a world-class business school. The high standards of this establishment speak for itself in terms of Dawood’s contribution to meet the business education needs of the city in particular and of the country at large.

After the Gong ceremony, a meeting took place between the PSX team, Hussain Dawood & his team, and the esteemed guests present on the occasion. Matters relating to Pakistan economics, business environment, and the Capital Market were discussed. Hussain Dawood said that regulations and policy formulations should be conducive to increasing business activity. They should help increase the number of listings and be formed in such a way that companies listed or those to be listed do not feel encumbered, he said.

He said that it is the role of the Government to form proper regulations and policies and it is the role of the business community to implement these regulations and policies. Dawood opined that the Government and the business community should work hand-in-hand to help the cause of economic growth and prosperity in the country.

On its part, the PSX team agreed with and acknowledged his views and comments. The PSX team apprised Dawood that it is working closely with the Stock Exchange stakeholders in taking steps in the right direction to ensure that they would not only help the business community but will help the Exchange in its mission of capital formation as well.

The PSX team presented a memento to Hussain Dawood. A memento of acknowledgement was also presented to Mrs. Kulsoom Dawood in recognition of the support she and their family extended to Dawood in his quest to realise his goals and vision of making their company one of the highest achieving companies in Pakistan in terms of performance and corporate social responsibility.

At the end of the meeting, the PSX team thanked Hussain Dawood and his team for making a worthwhile visit to the Stock Exchange. Dawood, on his part, was appreciative of PSX for inviting him and his team for the opening bell ceremony and for honouring him with the memento of recognition for his accomplishments and contribution to business growth of Pakistan.