EssTec, Inc. having its offices in Lahore, Dubai and
Santa Monica (CA) filed with Securities and Exchange Commission (SEC)
for the IPO on Monday (July 22), it was announced on Tuesday.
It will, thus, be the third Pakistani-American
software firm to go public. The other two were NetSol International
Inc., and Align Technologies, both have vast operational bases in
EssTec was founded in 1999 by Pakistani-American
businessman and financier Tariq Khan.
Although Mr. Khan has been associated and assisted in
taking over eight companies public in the past six years, he first came
into the spotlight within the Pakistani community when he took public
the first software company from Pakistan onto the US markets. That
company, NetSol International, went public at $5 per share and within
eighteen months was trading as high as $80 per share on Nasdaq.
In an exclusive interview, Khan told EssTec was
offering one million shares in the IPO, hoping to raise between $8-10
"Our investment bankers, West Park Capital
(based in Century City), has indicated a share price of between $8-10.
If successful, we will raise between $8 million and $10 million,"
Khan said the whole process from filing to actual
trading would take between 90-100 days. After the SEC's approval, the
EssTec stocks will be traded in the AMEX. "After having jumped
several hurdles over the past year including but not limited to the
"dot.com" collapse, the technology sector fallout, the stock
markets downward spiral,9/11 incident, tensions between India and
Pakistan, accounting changes and scandals we are proud to announce that
not only did we survive, but with the support and backing of our
Investment Bankers, we have filed with the SEC for an Initial Public
Offering of 1,000,000 shares of EssTec common stock."
WB OFFERS FUNDING FOR ROADS REHABILITATION
The World Bank has agreed to offer substantial
funding for the $260 million "Pakistan-Highway Rehabilitation and
Maintenance Project" to be undertaken in 2003.
Informed sources said that Pakistan had been told
that the World Bank was expected to formally approve the project early
next year to rehabilitate about 1,000 to 1,200kms (15%) of the national
highway network as part of the phase-1 programme.
The rehabilitation programme will be spread over ten
years and will be implemented in three phases. The phase-1 also includes
highway bridges and drainage structures and sub-projects covering about
500-600kms of highways and structures.
Under the programme, assistance will be provided by
the World Bank for operationalizing the National Roads Board (NRB) and
Road Fund and the institutional strengthening of the National Highway
NWD, ISD CHARGES TO BE REDUCED: PTCL CHAIRMAN
The Pakistan Telecommunications Company (PTCL) has
decided to further reduce charges on nationwide (NWD) and international
calls (ISD) by 25 per cent.
In an interview with this agency on Wednesday, the
PTCL chairman, Akhtar A. Bajwa, said a formal announcement about the
reduction in tariff would be made within a couple of weeks.