Air Link board approves IPO plan for subsidiary Select Technologies

The board of Air Link Communication Limited has approved plans for its wholly owned subsidiary, Select Technologies Limited, to raise capital through an initial public offering (IPO) and seek listing on the Pakistan Stock Exchange (PSX).

The development was disclosed in a material information notice submitted to the exchange on Friday.

“The Board of Directors of Air Link Communication Limited is pleased to announce that its wholly owned subsidiary, Select Technologies Limited (“Select”), has decided to raise capital through an Initial Public Offering and to seek listing of its securities on the Pakistan Stock Exchange Limited, subject to compliance with all applicable laws, rules and regulations,” read the notice.

According to the disclosure, Select Technologies intends to offer its securities to the public through an IPO, subject to compliance with applicable regulatory requirements.

Air Link said Arif Habib Limited has been appointed as consultant to the issue and lead manager for the proposed offering.

The company stated that further steps related to the IPO and listing process will proceed in accordance with the rules and regulations governing capital market transactions.