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Pakistan Software Export Board to Sign MoU with PSX Soon
In yet another major step towards ensuring sustainable growth of Pakistan’s IT Industry, Pakistan Software Export Board (PSEB) will shortly be signing a Memorandum of Understanding (MoU) with Pakistan Stock Exchange (PSX).
PSEB is the attached department of the Ministry of IT & Telecom. This MoU is a giant leap forward for the development of Pakistan’s IT Industry. It would be the first-ever MoU between PSEB and PSX.
The aim is to increase the number of listed technology companies on the PSX Main Board and GEM Board, which would in turn help to strengthen the financial ecosystem for IT sector growth and build a strong brand image of Pakistan’s IT industry in the international markets.
There are significant benefits for Pakistani technology companies to list on the stock exchange. By listing on the stock exchange, a company gains instant credibility and stature with prospective clients and suppliers.
This is a significant advantage, particularly for Pakistani tech companies, as it makes it easier to approach overseas customers due to the increased credibility that comes from being listed on a reputed platform such as the PSX.
Listing on the stock exchange also improves corporate governance and companies can maintain more autonomy and control through the ability to quickly raise low-cost capital; compared to banks, venture capitalists, or private investors.
Managing Director PSEB, Osman Nasir, said that one of the main factors impeding the growth of Pakistan’s IT sector is access to capital. Pakistani tech companies that get listed on PSX would be able to raise funds by issuing more shares which can subsequently be used for further business expansion.
He said that PSEB would work with PSX to conduct seminars, workshops, and events to create awareness about the benefits for IT/ITeS companies for listing on PSX and work with PSX authorized financial advisors, consultants, and lead managers to assist the selected IT/ITeS companies for the listing.