ISLAMABAD, Aug 3: The current financial year had an auspicious beginning with 239 companies getting registered with the Securities and Exchange Commission of Pakistan (SECP) under the Companies Ordinance, 1984, during the month of July 2004.

This denotes an increase of 27 per cent over the corresponding period of previous year. The new incorporations, SECP spokesman told newsmen here on Tuesday, included 229 entities limited by shares including seven public unlisted companies, 214 private companies and eight single member companies (SMCs).

Highest numbers of companies registered during the month of July occurred in Lahore followed by Karachi and Islamabad. In Lahore, a total 108 companies were registered, while Karachi and Islamabad had a total of 64 and 45 registrations.

Total authorized capital of the 229 new companies limited by shares amounted to Rs4,502.61 million. This included Rs3,906.51 million on account of 214 private companies, Rs29.6 million of eight SMCs and Rs566.5 million of public unlisted companies.

At the end of July 2004, the number of total companies registered with the SECP stood at 43,981. This includes 2,774 public companies, 39,996 private companies, 151 SMCs, 491 companies limited by guarantee and trade organizations, 562 foreign companies and seven companies with unlimited liabilities.

During 2003-04, a total of 2,208 companies were registered, that is, 42 per cent more than during the 2002-03. The growth rate of companies has been particularly impressive during the last five months. The new incorporations exceeded the mark of 200 companies in each of these months, surpassing the comparative registration figures of the previous year.