Karachi: Blue-Ex Limited has received approval from the Securities & Exchange Commission of Pakistan (SECP) to issue 1 million ordinary shares as part of its strategic move to transition from the GEM Board to the Main Board of the Pakistan Stock Exchange (PSX). This decision was communicated through a formal letter dated May 16, 2025, following an application process initiated on April 4, 2025.
The SECP's approval allows Blue-Ex to offer these shares at a fixed price of Rs. 65 per share, which includes a premium of Rs. 55 per share. The total value of the issuance is Rs. 65.00 million. This development is aimed at facilitating the company's migration to the PSX Main Board, a move that is expected to enhance its market presence and investor accessibility.
The approval process was based on a special resolution passed by Blue-Ex's shareholders during an Extraordinary General Meeting on February 21, 2025. The resolution was subsequently followed by necessary documentation submitted to the SECP. This issuance, categorized under Section 83(1)(b) of the Companies Act, 2017, and in accordance with the Companies (Further Issue of Shares) Regulations, 2020, marks a significant step in Blue-Ex's corporate strategy.
According to information available from the Pakistan Stock Exchange (PSX), the company's move is conditioned upon the submission of a prospectus to the SECP for approval before any public offer of shares is made. Furthermore, Blue-Ex is required to comply with the Securities Act, 2015, the Public Offering Regulations, 2017, and PSX listing regulations throughout this process.
The SECP has clarified that its approval is based solely on the information and documents submitted by Blue-Ex and that it holds no responsibility for any agreements executed between the issuer and potential shareholders. As Blue-Ex advances with this share issuance, it will keep the PSX and its TRE certificate holders informed of all developments.
This strategic shift from the GEM Board to the Main Board of the PSX places Blue-Ex Limited in the designated market category for companies that meet specific regulatory and capital requirements, positioning it for potential growth and increased investor engagement.