Pakistan’s can-maker seeks enrolment for listing at PSX

Pakistan Aluminium Beverage Cans Limited (PABC), the main aluminum cans maker for popular soft drinks in Pakistan and Afghanistan, applied on Friday for listing at the Pakistan Stock Exchange (PSX).

The company is operating in a capacity to produce 600 million aluminium beverage cans in a year. It utilised 74% of capacity in 2020, as it exported some 35% of its production to Afghanistan, according to the company prospectus available at the PSX.

UK-based asset management firm Ashmore, which holds 51% shareholding in PABC, will sell almost half of its shareholding (ie 26% of the paid-up capital) to institutional, rich individual and retail investors through book building and initial public offering (IPO) in June 2021.

The company aims to raise a minimum of Rs3.28 billion through the sale of 93.88 million shares at a floor price (minimum price) of Rs35 per share to investors at the bourse through the IPO.