SECP seeks records from banks in IPO probe

The SECP is reviewing records gathered in its inquiry into the proposed listing of SE Fruits and Vegetable Limited, previously called Shaheen Enterprises, Dawn reported on November 8. Seven banks have been asked for export documentation, while 30 others were approached for details of overseas transfers, export earnings and foreign-exchange dealings involving the company’s sponsors and directors. Replies from some banks are now being assessed.

The inquiry began on Oct 21 under provisions of the SECP Act and Securities Act. The regulator is also examining material from the IPO’s joint lead managers, its consultant and auditor, alongside investor details and share-transfer records; the Central Depository Company supplied a partial response on Nov 2. SE Fruits intended to raise up to Rs1.2 billion through 30 million shares priced at Rs40 apiece, but the SECP halted the offer last month and the company subsequently withdrew it.