Islamabad (GNP): The Securities and Exchange Commission of Pakistan (SECP) has sought export records from seven banks as part of its investigation into the proposed initial public offering (IPO) of SE Fruits and Vegetable Limited.
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 held by the company’s sponsors and directors. Some banks have submitted responses, which are under review.
The SECP initiated the investigation on October 21, 2026, under Section 29 of the SECP Act, 1997, read with Section 139 of the Securities Act. Information received from the IPO’s joint lead managers, Topline Securities and Growth Securities, is under review. The response from consultant Parker Russell–A.J.S. is also being examined.
The investigation team is examining the IPO application and shareholder information. The Central Depository Company (CDC) provided an investor list, and the SECP later sought shareholder lists and transfer histories for persons named in the prospectus. The CDC’s partial response, received on November 2, is under review.
The company’s auditor, Ilyas Saeed & Co., sought an extension to provide the requested information and records. The SECP granted the extension.
Also read: Turkmenistan Celebrates 35 Years of Independence and Neutrality
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, after which the company withdrew the offering.
Sohail Majeed is a Special Correspondent at The Diplomatic Insight. He has twelve plus years of experience in journalism & reporting. He covers International Affairs, Diplomacy, UN, Sports, Climate Change, Economy, Technology, and Health.
