As one of the most important infrastructure institutions of the capital market, Central Depository Company (CDC) is committed to promote, project and develop the Pakistani Capital Market with utmost commitment. In line with this commitment, CDC has been engaged in conducting international road shows around the globe in collaboration with organizations of international repute to showcase Pakistani corporates. These initiatives are playing a key role towards attracting the interest of investing community around the globe and portraying Pakistan’s true potential. The agenda is to expand the investor-base of Pakistani Capital Market by enlightening investors and fund managers in international business hubs about the performance of Pakistani corporate sector in order to attract much required investment in the Pakistani capital market.
Recently, CDC organized the 3rd Pakistan Day Conference in New York on March 22 and 23, 2010 in collaboration with First Capital Equities Limited, Auerbach Grayson and Bank of New York Mellon (BNY Mellon).
Pakistan’s Consul General in New York, Mr. A.S. Babar Hashmi was the guest of honor at the opening-day of the conference. Mr. Muhammad Hanif Jakhura, CEO – CDC, in his welcome speech said that CDC has been instrumental in spurring a drive of foreign investment in stocks of Pakistani corporates by organizing a series of road shows in international business hubs. He highlighted that the conference aims to enhance the understanding of foreign investors about economic trends, industry dynamics and company specific developments in perspective of Pakistan, facilitating them to formulate their investment strategies in a more efficient manner. Mr. Jakhura further stated that the appointment of Dr. Abdul Hafeez Sheikh as the Advisor to the Prime Minister on Finance is a positive step towards the development of the economy.
Representatives from leading Pakistani issuer companies including Engro Corporation, Fatima Fertilizer, Hub Power Co, Kot Addu Power Co, Lucky Cement, National Bank of Pakistan, Oil & Gas Development Corporation Limited, PACE Pakistan, Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO) and United Bank Limited (UBL) were part of the Pakistani delegation to the conference which was attended by 37 key institutional investors, leading Fund Managers and executives from financial institutions. Over 171 one-on-one meetings were arranged between representatives of Pakistani issuer companies and foreign fund managers. Owing to the keen interest shown by US fund managers in Pakistani equities, members of the Pakistani delegation including issuer companies, KSE and event organizers resolved that similar joint efforts should be made more frequently in future to attract foreign investment in the Pakistani Capital Market.
The event provided an effective platform for Pakistani corporates to seek new investors through a wider reach, broaden their shareholder-base and project themselves internationally. The overwhelming participation from prominent organizations from Pakistan not only enabled an opportunity to cultivate meaningful relationship with international fund managers but also contributed towards the development of the Pakistan’s Economy and Capital Market as a whole. The two-day event concluded with a clear show of foreign funds’ interest in Pakistani equities owing to its attractive valuations as compared to the region.
On the sidelines of the conference, a breakout session was organized by Bank of New York Mellon to discuss the possibility of Pakistani corporates registering for the Level 1 ADRs (American Depository Receipts). The session was well received through keen interest shown by the participating delegates as Level 1 ADRs will provide Issuers convenient access to U.S market. This session was part of the continuous efforts made by CDC and BNY Mellon over the past 3 years towards registering Pakistani corporates for the ADRs. In the same stride, BNY Mellon intends to hold a special session in Pakistan shortly for the same purpose for top 30 performers of the Pakistani Capital Market.