SECP registers 244 firms in September

Securities and Exchange Commission of Pakistan (SECP) registered 244 companies during September 2012. The authorised capital and paid-up capital of these companies is Rs3.74 billion and Rs390 million respectively. During the month, applications/returns for increase in authorised capital for 185 companies were accepted, with the total authorised capital increment of Rs4.86 billion. Seventy-nine companies filed applications/returns for increase in paid-up capital with the total increment amounting to Rs1.51 billion. The new incorporations include 218 private companies, followed by 14 single-member companies and 4 each as public unlisted companies, non-profit associations and foreign companies. The foreign companies belong to South Korea, Oman, China and Singapore.Foreign investment by nationals from Afghanistan, China, Iran, Peru, Romania, Spain, UK and US has been witnessed in 10 new local companies. These companies are from construction, food and beverages, fuel and energy, IT, trading and communication sectors. Pakistan is expected to attract an additional foreign portfolio investment worth $65 million over the next six to nine months period in the aftermath of planned transition of six international index funds to FTSE indices. From gulftoday