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Two cos to be listed on KSE within a month

HARIS ZAMIR

KARACHI: Pakistan's premier stock exchange would see the listing of two companies within a month after nearly two years. The Karachi Stock Exchange has received their prospectuses for approval from World Call Pay Phones Ltd; and Dewan Farooq Motors Ltd. Ñ a joint venture with Hyundai Motors. They will offer shares worth Rs. 150 million and Rs. 185 million respectively to general public.

''This is the first time in two years that two companies have sought permission to float their shares,'' Arif Habib, the Chairman of the Karachi Stock Exchange said.

''The government measures to revive economy and laws to be introduced to protect the shareholders interest encourged the sponsors to go public,'' he said.

Last company to be listed on the exchange was Altern Energy in February 1998, and since then no other company has floated its shares.

World Call Pay Phones Ltd., has installed 6,000 booths in the country and is expected to install another 50,000 payphones over a period of three years. Worldcall Payphones is expected to expand and modernise its network to the remotest parts of the country.

Dewan Farooq Motors has set up a project with a cost of Rs 1.8 billion to assemble 7,000 cars per year in collaboration with Hyundai of Korea.

At present 763 companies are listed at the Karachi Stock Exchange and the total paid-up capital of these companies is Rs 222.896 billion.