SECP seeks bank records in probe into shelved Rs1.92bn IPO
Regulator asks seven banks for export records and 30 for remittance data on sponsors and directors of SE Fruits and Vegetable, formerly Shaheen Enterprises.
The Securities and Exchange Commission of Pakistan has asked seven banks for the export records of SE Fruits and Vegetable Limited, formerly known as Shaheen Enterprises, as part of its investigation into the company's proposed initial public offering.
The regulator has also sought information from 30 banks about foreign remittances, export proceeds and other foreign exchange transactions received in accounts held by the company's sponsors and directors, Dawn reported. Some of the banks have submitted their responses, and those submissions are under review.
The Express Tribune reported that the investigation was opened on October 21 under Section 29 of the SECP Act, 1997, read with Section 139 of the Securities Act. The newspaper cited a news release for the details.
Investigators are examining the IPO application and shareholder information. The Express Tribune reported that the commission has received material from the offering's joint lead managers, Topline Securities and Growth Securities, and that a response from consultant Parker Russell is also under review.
The seven banks were asked to provide export details for the company, according to the Express Tribune.
The Central Depository Company provided an investor list and was later asked for shareholder lists and transfer histories for the people named in the prospectus. Its response, received on November 2, was partial and is still being reviewed, the Express Tribune reported.
The same report said the probe follows concerns about the company's financial information and audit.
SE Fruits had planned to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each. ProPakistani led its report on that figure and on the number of banks approached.
The SECP halted the IPO in October. The company then withdrew the offering.
How the reports differ
Among the reports available, the Express Tribune carried the fullest account, drawn from a news release, and was alone in giving the offering's size, the October halt and the company's withdrawal in the same report; it also named the joint lead managers, the consultant and the depository's partial response of November 2. Dawn's standfirst was confined to the seven banks asked for export records and the 30 accounts under scrutiny, and did not give the size of the offering. ProPakistani led its headline on the Rs1.92 billion figure and the 30 banks.
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