KSE approves formal listing of Al-Shaheer Corporation

KARACHI: Karachi Stock Exchange (KSE) on Thursday approved the application for formal listing and quotation of shares of Al-Shaheer Corporation Limited. ASC will be the company symbol.
The opening price of ASC shares will be Rs95 per share as determined through the book building process. Trading in the shares of the company will start on the ready board of the exchange from August 24, 2015 and all transactions taking place in respect of Al-Shaheer will be settled on T+2 settlement basis. The first settlement date will be Wednesday, August 26, 2015.
The market lot of the company will be 500 shares of Rs10 each. Shares of Al-Shaheer have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions will be settled through the National Clearing Company of Pakistan Limited (NCCPL).
Al-Shaheer is one of the largest exporters of halal meat in the country, and also operates through retail outlets in the name of Meat One and Khas Meat. Al-Shaheer Corporation is the sixth company to turn to the capital markets to mobilise funds so far this year.