JS Company issues Rs1bn PPTFCs at Karachi bourse


The Karachi Stock Exchange (KSE) has listed the Privately Placed Term Finance Certificates (PPTFCs) worth Rs 1 billion of Jahangir Siddiqui and Co.

The listing has been made under Regulation No. 3(11) and Schedule III of the Regulations Governing Over-The-Counter (OTC) Market of the Exchange, relating to listing of debt securities issued to Qualified Institutional Buyers, (QIBs) through Private Placement.

The National Clearing Company of Pakistan Limited through issued a letter on February 21 assigning the Security symbol/company code “JSTFC6” to the said PPTPCs.

The Technology Trade has been appointed as the registrar.

The said PPTFCs would be listed on the Exchange with effect from the 4th of next month and trading of the same would commence from March 5 as required under Clause No. 4(iv) of Schedule 111 of the Regulations.

The PPTFCs (JSTFC6) would be tradable on Bond Automated Trading System (BATS) through the “Request For Quotes” (RFQ) and shall be settled through NCCPL on T+1 settlement basis on Trade to Trade basis.

The eligible investors, who qualify the criteria of Qualified Institutional Buyers (QIBs) as defined under Regulation No. 2(n) of the Regulations Governing Over-The-Counter (OTC) Market, are allowed to trade in the PPTFCs.

The minimum amount per transaction by a single QIB shall not be less than Rs 1 million. However, the requirement of QIBs in the sale/purchase of the said PPTFCs would be checked and maintained at broker level, as the Trading System (RATS), at present, is not capable to control this condition automatically.

The JS Global Capital has been appointed as the market-maker of the issue, who would quote bid/offer spread for the PPTFCs on daily basis and would intimate the KSE of any trade in the instrument, which would be available through website of the Exchange.