A British parliamentarian has declared that Pakistan will never default as the country’s economic team is taking every possible step to steer it out of the current challenges, WealthPK reports. He was addressing a ceremony held at the Pakistan Stock Exchange to mark the largest acquisition of a Pakistan-based software company Coudways by US-based IT firm DigitalOcean. Lord Aamir Sarfraz said that the US IT company making a $35 million investment through the acquisition would soon get listed by the Pakistan Stock Exchange.

The ceremony was attended by chief executive officer of DigitalOcean Yancey Spruill, founder of Cloudways Aaqib Gadit, Pakistan Stock Exchange chairperson Dr Shamshad Akhtar and chief executive officer Farrukh H. Khan besides a number of capital market players and experts. Lord Aamir Sarfraz expressed his pleasure over the celebration of the largest acquisition of the Pakistani software company by the global IT firm DigitalOcean.

Lord Aamir Sarfraz said that parliamentarians from many countries including the UK are coordinating to make a joint platform to pursue the International Monetary Fund authorities to bring reforms in the institution to create worldwide ownership instead of a dictating finance institution. Due consultation with the stakeholders in the borrowing country was necessary before the grant of any finance package. In the past, IMF did it.

Speaking on the occasion, Yancey Spruill described the acquisition of the firm as the foundation and pledged that over the passage of time, the partnership would increase. “I am grateful to be part of this country,” he said, adding that soon his company would be listed at PSX. Aaqib Gadit said at the ceremony that the acquisition of the Pakistani IT company by a global firm has falsified the myth that global companies are not willing to come and engage in Pakistan.

Dr Shamshad Akhtar said the acquisition would help to boost the IT sector in Pakistan. He added that so far 5,000 companies have been registered with the Securities and Exchange Commission of Pakistan and the exports are significantly increasing on a year-on-year basis.

However, she said that more serious efforts are needed to promote the sector. Pakistan’s scale of exports in the future would mostly depend on the spread of its IT sector. Farrukh H. Khan also expressed his pleasure over the largest acquisition. He said that PSX is committed to extending every possible support to companies contributing to strengthening Pakistan’s capital market and the economy as a whole.

Credit : Independent News Pakistan-WealthPk