KARACHI, Oct 13: The Karachi Stock Exchange had so far cleared the offering document of 16 new equity issues with total paid-up capital of over Rs22 billion this year, Moin M.Fudda, managing director of the Exchange said in a statement released on Wednesday.

Those new issues were in addition to the disinvestment of shares amounting to Rs2.896 billion (including premium) by two existing listed companies (PIAC & SSGC). Moreover, two other companies were in the process of clearance of the offering document namely: Meezan Balanced Fund and International Housing Finance Limited.

The latest on the list of companies intending to be listed, whose offering documents/ prospectus had been cleared by the exchange included Atlas Fund of Funds and AMZ Venture Limited, the KSE press release said.

It noted that the Atlas Fund of Funds had been established as a closed end scheme, which was established through a trust deed between Atlas Asset Management Company Limited, as the investment advisor and Central Depository Company of Pakistan Limited as the trustee.

The total issue size of the fund was Rs500 million, which comprised Rs50 million to be subscribed by Management Company/ investment advisor, Rs250 million by various investors under pre-IPO placement and Rs200 million had been allocated to the general public under present offer.

AMZ Ventures Limited had been incorporated under the Companies Ordinance, 1984 and the company had obtained licence to undertake Venture Capital Investments as a Non-Banking Finance Company under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003.

The total capital of the company was Rs300 million, out of which an amount of Rs100 million, comprising Class-A ordinary shares was being offered to the general public under the present issue. The share capital of the company comprised of Class-A and Class- B ordinary shares of Rs10 each with different rights and privileges.

The KSE statement said that after the approval of Securities and Exchange Commission of Pakistan, the companies would also arrange presentation in the KSE auditorium before opening/closing of subscription.