KARACHI: Trading in the shares of LSE Proptech Ltd (LSEPL) will begin on the main board of the Pakistan Stock Exchange (PSX) on Monday, with the opening price of Rs10 apiece.
LSEPL was incorporated in 2022 as a public limited company and was subsequently listed on the PSX in May through a “reverse merger” arrangement with Data Textiles Ltd.
The reverse merger allows a private entity — LSEPL in this case — to become a publicly traded firm by acquiring a usually dormant but listed company without going through the tedious and costly process of an initial public offering.
The trading of LSEPL follows a scheme of arrangement for merger of Data Textiles with and into LSEPL and LSE Ventures Ltd (LSEVL) sanctioned by the Lahore High Court. Against every 1,000 shares of Data Textiles, its shareholders have been allotted 25 shares of LSEVL and LSEPL.
LSEPL will be quoted in the technology and communication sector on the PSX. Its stated principal business is to develop, import, market, construct and offer software services for efficient real estate management. Its mandate includes the provision of online marketplaces/networked warehouses and smart architectural solutions for Internet of Things (IoT) for buildings, shared grids and data centres.
The company is currently focused on developing and building real estate.
Published in Dawn, June 11th, 2023
