KARACHI, July 11: The offer for sale of shares of Aisha Steel Mills (ASML) has been oversubscribed by 2.7 times.
The KSE notified on Wednesday that according to the Central Depository Company, 1,633 applications were received for shares valued at Rs270 million. The figure includes employee applications. The IPO, first for the current fiscal year, was made on July 3 and 4.
With a paid-up share capital of Rs3.4 billion, the company had earlier received Rs234 million from pre-IPO investors. The public portion of ASML IPO comprised 10 million ordinary shares at a price of Rs10 per share, out of which 0.5 million shares were allocated to the employees of the company and the remaining 9.5 million shares were offered to the general public.
ASML is a joint venture of Arif Habib Corporation, Metal One Corporation Japan and Universal Metal Corporation. The green field project is aimed at producing Cold Rolled Coil (CRC) with an initial annual capacity of 220,000 tons. The project is currently in its trial phase.
Sponsors expect it to start manufacturing saleable products in the first quarter FY13.
JSIL payout: JS Investments Limited (JSIL) announced a total payout of Rs722.940 million in selected open-end funds managed by the company for financial Year 2012,The final distribution of Rs2.50 was announced for JS Cash Fund, the money market fund. Including the earlier payout, the total for FY12 worked out Rs10.50 per unit, with an annualised return of 11.62 per cent.
For JS Income Fund a dividend of Rs2.25 per unit was announced, taking the total return for the year to Rs10.25 per unit, with an annualised return of 13.07pc.
A distribution of Rs20.25 per unit was announced for JS Fund of Funds, with an annualized return of 20 per cent while a distribution of Rs12.60 per unit was announced for UnitTrust of Pakistan, taking its annualised return to 16.6 per cent.
A payout of Rs6.60 per unit, with an annualised return of 26.16 per cent was announced for JS Aggressive Income Fund, while for JS KSE-30 Index Fund, an annual return of 7.75 per cent with a dividend of Rs14.50 per unit was announced.
For JS Aggressive Asset Allocation Fund, a dividend of Rs14 per unit would be paid, taking the annualized return to 11.68 per cent.