Karachi : Karachi Stock Exchange Friday notified listing of Privately Placed Term Finance Certificates PPTFCs of Rs. 2 billion of Pakistan Mobile Communications Limited under KSE regulations governing Over-The-Counter OTC market.
PPTFCs are being listed under Regulation No. 3 (II) & Schedule III of Regulations relating to listing of Debt Market Securities issued to Qualified Institutional Buyers QIBs through Private Placement. PPTFCs will be listed on KSE wef July 04, 2012 and trading in PPTFCs will commence one day after date of formal listing i.e. from July 05, 2012 as required under Clause No. 4 (iv) of Schedule III of regulations.
Trading in PPTFCs will take place between members outside the system and shall be reported to the Exchange via Negotiated Deal Market NDM and settlement of trade will take place on counter party basis. Efforts are underway to trade PPTFCs through Bond Automated Trading System (BATS) on Request for Quotes RFQ instead of Negotiated Deal Market segment a separate notice in this regard will be issued in due course.
Eligible investors, who qualify criteria of Qualified Institutional Buyers (QIBs) as defined under Regulation No. 2 (n) of regulations governing OTC market, are allowed to trade in PPTFCs of the Company. Market Lot will be one certificate of face value of Rs. 100,000/- each and minimum amount per transaction by a single QIB shall not be less than Rs. 1,00,000/-
National Clearing Company of Pakistan Limited vide its letter No. NCCPL/CS/146/12 dated June 27, 2012 assigned Security Symbol, Company Code PMTFC7″ to PPTFCs of Company. JS Global Capital Limited has been appointed as Market Makes of Issue, who will quote bid/ offer spread for PPTFCs on daily basis and would intimate KSE of any trade in instrument, which would be available through website of Exchange under Market Information Menu item as OTC Scrip.