SSGC Shareholders Greenlight 33.33 Million Share IPO for SSGC LPG Limited

In a significant development, the stakeholders of Sui Southern Gas Company Limited (PSX: SSGC) have given their nod to launch an Initial Public Offering (IPO) for SSGC LPG Limited, with the issuance of 33.33 million ordinary shares. The announcement was disclosed in the company's filing on the local bourse earlier today.

The decision encompasses the execution of all necessary procedures for the eventual listing of SSGC LPG Limited (post-conversion) on the Pakistan Stock Exchange Limited (PSX), a move poised to shape the future trajectory of the energy subsidiary.

This pivotal approval is contingent upon strict adherence to the stipulations outlined in the Companies Act of 2017, in addition to the rules and regulations set forth therein. Compliance with the Listing Regulations of the PSX is also a prerequisite for the proposed IPO.

Worth noting is that SSGC LPG stands as a wholly-owned subsidiary of SSGC, specializing in the marketing and distribution of liquefied petroleum gas (LPG) nationwide.

This strategic move comes against the backdrop of an evolving economic landscape in Pakistan, where the energy sector plays a crucial role. The decision to take SSGC LPG public aligns with broader initiatives to stimulate economic growth and enhance investor participation in key industries.