The state-owned gas utility business Sui Southern Gas Company Limited (SSGC) has declared that it will sell 33.3 million shares through an initial public offering (IPO) and transform its subsidiary SSGC LPG (Private) Limited (SLL) into a public limited company.
SSGC To List SSL at PSX With 33.3 Million Shares
According to a letter filed to the Pakistan Stock Exchange (PSX) on Tuesday, the board of directors of SSGC has approved the conversion of the status to SLL and the start of the procedure for the issuing of 33,333,333 ordinary shares by IPO at any time in the future, as judged suitable.
The board also gave the business’s management permission to execute all necessary actions in order for the SLL board to list the company on the PSX in the future.
SLL, a Subsidiary of SSGC
SLL, a fully owned subsidiary of SSGC, involved in the marketing and distribution of liquefied petroleum gas (LPG) throughout the nation.
In order to manage LPG imports, the business owns and runs a specialized open-access terminal at Port Qasim that includes storage facilities.
Additionally, SLL is a fully integrated LPG provider, offering end-to-end solutions from the Port Qasim port to the retail LPG packs supplied to customers.
Because SLL has a solid market position and room to grow in the LPG industry, it expects that investors will take interest in its initial public offering (IPO).
For the year ending June 30, 2023, the company reported a net profit of Rs 1.2 billion, a 28% increase over the previous year.
Additionally, the business announced a dividend to its shareholders of Rs 2.5 per share.
To read our blog on “In gas prices, SSGC wants increase by Rs. 226.18 per MMBTU,” click here.