The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as its investigation into the proposed IPO of SE Fruits and Vegetable Limited progresses.
The banks were asked to provide export details for the company, formerly known as Shaheen Enterprises.
The SECP also sought information from 30 banks on foreign remittances, export proceeds and other foreign exchange transactions received in accounts of the company’s sponsors and directors. Some banks have responded, and their submissions are under review, sources said.
The SECP initiated the investigation on October 21 under Section 29 of the SECP Act, 1997, read with Section 139 of the Securities Act. It has received information from the IPO’s joint lead managers, Topline Securities and Growth Securities. The response from consultant Parker Russell–A.J.S. is also under review.
The investigation team is examining the IPO application and shareholder information. The Central Depository Company (CDC) provided an investor list and later received a request for shareholder lists and transfer histories for people named in the prospectus.
Its response, received on November 2, was partial and remains under review. The auditor of the company, Ilyas Saeed & Co., sought an extension to provide requested information and records. The SECP granted the extension.
The probe follows concerns about the financial information and audit of the company. SE Fruits had planned to raise up to Rs1.92 billion by offering 30 million shares at Rs40 each. The SECP halted the IPO in October, and the company subsequently withdrew the offering.
