SE Fruits IPO probe: SECP seeks export records from seven banks

Business Recorder reported on November 7 that the Securities and Exchange Commission of Pakistan (SECP) has requested export information from seven banks as it examines the proposed listing of Punjab-based SE Fruits and Vegetable Limited, formerly Shaheen Enterprises. It has also asked 30 banks for details of foreign remittances, export receipts and other foreign-exchange activity in accounts linked to the company’s sponsors and directors. Some banks have replied, and the regulator is reviewing their submissions.

The inquiry began on October 21 under securities legislation and covers the IPO application and shareholder information. Responses from joint lead managers Topline Securities and Growth Securities, consultant Parker Russell, A.J.S. and the Central Depository Company are among the material under review; the company’s auditor, Ilyas Saeed & Co., was granted more time to provide records. The offering was intended to raise Rs1.92 billion through 30 million shares priced at Rs40 each, but SECP stopped it in October and the company later withdrew it.