Mughal Manufacturing Modaraba IPO to be delayed

In a notice released by the PSX on Thursday July 5th 2018, Mughal Modaraba Management Limited has announced its intentions to delay the Initial Public Offering of Mughal Manufacturing Modaraba, which was scheduled to be held on 11th and 12th July 2018.

This decision on their part, which was conveyed to Pakistan Stock Exchange on Wednesday July 4th 2018 comes about as conditions in the market remain uncertain due to the political upheavals witnessed in recent days and the resultant market turmoil that followed on Wednesday.

Approval for the draft prospectus had been granted to the firm on March 30, 2018 and a subsequent approval was granted on May 24th 2018 for allocation of dates for publication of prospectus and opening/closing of public subscription of Mughal Manufacturing Modaraba.

Prospectus had later been published in daily news i.e. Business Recorder and “Nawa-e-Waqat” on June 26, 2018.

Upon permission from PSX, the notice to delay IPO shall be published in at least all those newspapers in which the prospectus was published.