ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited, formerly known as Shaheen Enterprises.

The regulator has also sought information from 30 banks about foreign remittances, export proceeds and other foreign exchange transactions received in accounts held by the company’s sponsors and directors. Some banks have submitted their responses, which are under review.

The SECP initiated the investigation on Oct 21 under Section 29 of the SECP Act 1997, read with Section 139 of the Securities Act. Information received from the IPO’s joint lead managers, Topline Securities and Growth Securities, is also under review.

The response submitted by consultant Parker Russell-A.J.S. is likewise being examined.

The investigation team is examining the IPO application and shareholder information. Central Depository Company (CDC) provided a list of investors, following which the SECP sought shareholder lists and transfer histories of the persons named in the prospectus. The CDC’s partial response, received on Nov 2, is under review.

The company’s auditor, Ilyas Saeed & Co, sought an extension to provide the requested information and records, which was granted by the SECP.

SE Fruits had planned to raise up to Rs1.2 billion by offering 30 million shares at Rs40 each.

The SECP halted the IPO last month, following which the company withdrew the offering.

Published in Dawn, November 8th, 2026