KARACHI: A gong ceremony was held at the Pakistan Stock Exchange building on Friday to mark formally the entry of Orient Rental Modaraba with PSX for rental business trading in the capital market that had a comprehensive echo system on cards which would provide a wide-range of rental services based on Islamic financing.
Chief Executive of Orient Energy System (Pvt) Limited, Engr. Muhammad Saeed was the chief guest who rang the bell to start the daily trading operations of the stock exchange. He informed the media that his company’s comprehensive echo system would provide a wide-range of rental services based on Islamic financing and would also covering the cargo movement from the ports to market and industries and vice versa. As an initial step, the company had launched its generators rental service under Modaraba financing mode, he added.
He said in the rental business, the company would have a complete focus on the people and on finding solutions for them.
Orient Rental Modaraba had come up with Rs 750 million capital, he said. PSX’s Deputy Managing Director Haroon Askari assured that the fundamentals of Pakistan Stock Exchange were still intact and the potential companies like Orient Rental Modaraba were coming up to get listed with PSX.
He said the economy was progressing on right direction so the government should support capital market which had a big potential to grow.
He said in its budget proposal, the PSX had recommended relaxation of 15 percent tax on the capital gains to encourage the investors. For the local investors, the turn-over was not viable which should be at least flexible as in the past, he added.
Askari said brokers business was facing problems now-a-days which was not a good sign for the economy.
PSX’s Deputy General Manager Operations, Muhammad Ghufran expressed his pleasure over listing of ORM which had brought very good volume of capital as it was 2.3 times over-subscribed in its second Initial Public Offer (IPO), he remarked.