LONDON – London Stock Exchange (LSE) has welcomed Oracle Coalfields, the first Pakistan-focused company, to join its Alternative Investment Market (AIM). The company has raised an additional three million pounds and is being admitted to AIM with a market capitalisation of approximately 25 million pounds. Incorporated in the UK, Oracle will be the first company with a major coal mining project in Pakistan to join AIM. The Company de-listed from PLUS at the close of business on Tuesday.
Oracle Coalfields is an independent coal developer of an estimated 1.4 billion tonne coal reserves in Sindh. The Company owns 80 percent of Sindh Carbon Energy Limited which has been granted a license to operate in the Thar coal field for coal extraction and development. Head of Primary Markets in South Asia, Africa, and Middle East at the LSE Ibukun Adebayo, speaking on the occasion said, “We are delighted to welcome Oracle Coalfields to AIM, where it joins a peer group of South Asian energy companies and gains access to London’s leading pool of international investment capital.
Oracle Coalfields’ admission highlights the vital role that the London Stock Exchange can play in financing Pakistan’s energy requirements and infrastructure development. We look forward to welcoming more Pakistan oriented companies to our equity markets in the future.” On the occasion, Oracle Coalfields CEO Shahrukh Khan said “Oracle Coalfields is at a key stage in its development and we believe AIM can provide the best platform to guide the company through its next phase of growth. It will provide additional liquidity, a high profile and access to a large pool of institutional and international investors. “We are delighted that the strong support of new and existing shareholders has led to us to being significantly oversubscribed.
