DUBAI ISLAMIC BANK PAKISTAN CELEBRATES OVERWHELMING PUBLIC RESPONSE FOR ROSHAN PACKAGES’ BOOK BUILDING
Karachi, January 19, 2017: Dubai Islamic Bank Pakistan Limited (DIBPL) as the sole banker to the offer for the book-building portion of Roshan Packages Limited’s Initial Public Offering celebrated the overwhelming response received in book-building with the top management of Roshan Packages Limited. The bidding process was held on the 17th and 18th of January 2017.
Mr. Junaid Ahmed, CEO DIBPL & Mr. Tayyab Aijaz, CEO Roshan Packages celebrated the overwhelming public response from investors at an event held in Karachi. The book-building portion of Roshan Packages Limited’s IPO resulted in a strike price of Rs. 86.25/- per share against the base price of Rs. 35/- per share, helping the Company raise Rupees 2.10 Billion from high net-worth investors. The book building portion of the issue was oversubscribed by 6.8 times.
Roshan Packages, which is in the process of getting listed on the Pakistan Stock Exchange (PSX), would utilise the raised funds partly for expansion of its packaging business and partly for settling debt and meeting working capital needs.
The company is selling a total of 32.5 million shares (75% to high net-worth investors and 25% to general public) in its initial public offering (IPO) to raise Rs2.8 billion.
The offer of shares to the general public will be made on January 30-31 at the strike price of Rs. 86.25./- per share.
About DIB Pakistan Limited
Dubai Islamic Bank Pakistan Limited (DIBPL) is a wholly-owned subsidiary of Dubai Islamic Bank (DIB), the world’s first Islamic Bank. The parent company DIB is a listed company in Dubai, UAE. DIBPL commenced operations in Pakistan as a scheduled Islamic Commercial Bank on March 28, 2006. As a Minimum Capital Requirement (MCR) compliant Bank, the DIBPL enjoys a short-term credit rating of ‘A-1’ and long-term credit rating of ‘A+’ with a “positive” outlook, from JCR-VIS, indicating the bank’s robust position in the industry.
DIBPL has always endeavored to provide innovative financial products and services to our customers through our growing network of over 243 locations (200 Branches and 43 Branchless Booths) across 62 cities in Pakistan. DIBPL continues to reaffirm its commitment of World Class Banking expertise with the largest Shari’a compliant product suite in Retail, Corporate, Consumer, Trade, Commercial, Treasury and Investment Banking services across Pakistan
About Roshan Packages Limited.
Roshan Packages Limited (“Roshan Packages” or the “Company”) was established in 2002 to provide high quality packaging for Roshan Enterprises, the fruit export company of Roshan Group. Over the years, the Company has grown to one of the largest manufacturers and sellers of packaging products in Pakistan, meeting not only high quality packaging requirement for the exporters of fruit and vegetables, but also supplying packaging solutions to different large multinational and local corporations, nationwide.
Roshan Packages operates through two major divisions, corrugated and flexible, and maintains two separate plants for each. The corrugated plant makes corrugated boxes i.e. cartons for transport of a variety of products whereas the flexible plant produces plastic wrappers for consumer products.
In 2016, Roshan Packages entered into a joint venture with China-based Shandong Yongtai Paper Mill (“Shandong Yongtai”), a subsidiary of Shandong Yulong Real Estate group (“Shandong Yulong”), to establish Roshan Sun Tao Paper Mills (Private) Limited (“Roshan Sun Tao” or the “Project”) a state-of-the-art corrugated paper manufacturing facility. The Project is a subsidiary of Roshan Packages intended to serve the high quality paper requirements of the Company’s corrugated division while also supplying its products to the rapidly growing paper and packaging industry of Pakistan.