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Sunday, November 26, 2023

FF Steel builds strong foundations with new listings

FF Steel intends to explore different opportunities in steel bars export avenues. Therefore, it signed a mandate with the Financial Advisory Consortium comprising of HBL, Bank Alfalah Limited, AKD Securities Limited, and Alfalah CLSA Securities Private Limited.

Frontier Foundry Steel (FF Steel), one of Pakistan’s leading and fastest-growing steel manufacturers, and Financial Advisory Consortium held a signing ceremony for the award of a mandate for the upcoming listing of FF Steel on the Pakistan Stock Exchange (PSX).

A Financial Advisory Consortium (FAC), comprising of HBL, Bank Alfalah Limited, AKD Securities Limited, and Alfalah CLSA Securities Private Limited, has been engaged to advise the Company for listing at the local bourse.

Nauman Wazir, Chairman – FF Steel, Zarak K. Khattak, CEO – FF Steel, Muhammad Aurangzeb, President & CEO – HBL, Atif Bajwa, President & CEO – Bank Alfalah, Aqeel Karim Dhedhi, Chairman – AKD Securities, Ali Ansari, Chairman – Alfalah CLSA, and other senior team members of the FAC were present at the ceremony. The FAC together holds strong credentials with access to a deep-rooted capital market investor base, both domestically and internationally.

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Incorporated in 1986, FF Steel produces top-quality Grade-60 steel bars having plants in Peshawar and Lahore and ranks amongst the top three rebar manufacturers in Pakistan. The Company also intends to explore different opportunities in the South region.

FF Steel explores diverse opportunities in Pakistan

FF Steel, with its focus on achieving efficiency and capturing growth opportunities, has undertaken backward integration at its Lahore plant. The Company has also heavily invested in its IT infrastructure and boasts state of an art ERP system.

Furthermore, FF Steel, due to its superior quality and strong brand value has already started exploring diversification into the copper export business and steel bars export avenues regionally due to its favorable positioning (proximity to Central Asian countries), which can potentially unlock significant value for the Company in the future.

Commenting on the occasion, Nauman Wazir, Chairman – FF Steel said, “Over the past 3 decades, FF Steel has built strong foundations through its systems and policies, team and market penetration; I am confident of a prosperous and secure future of the Company and its stakeholders. With the assistance of such a strong and professional FAC of HBL, BAFL, AKD, and Alfalah CLSA, FF Steel will, Insha’Allah, be making a historic and one of the largest ever private sector IPOs in Pakistan”.