LAHORE (PPI) - Lahore Stock Exchange has approved the formal listing of shares of Pak Gen Power Limited and trading in the shares of the company will commence from Thursday (today) with Pak Gen Powers symbol of 'PKGP. The Company will be quoted under Power Generation & Distribution Sector of the Ready Board Quotation of the Exchange. Aftab Ahmed Ch, MD LSE expressed hopes that the listing of Pak Gen is indeed an auspicious start to this year and that the coming year will see a lot more flourishing IPO market and listings at the Exchange. He also opined that the incentives introduced in the Federal Budget will prove lucrative enough for companies to prefer equity financing in the coming years. Pak Gen is in the business of operating a Fuel Fired Thermal Power Plant with a net generation capacity of 337MW sold the WAPDA. The plant which is located in Muzaffargarh, started commercial operations in 1998 and has an impressive dividend payout record over a very long period. The company was acquired in 2010 by a consortium and now Nishat Group holds around 50 percent and Stanhope Investments of Abu Dhabi holds around 30 percent of Pak Gens shares. Pak Gen representatives said that the damages to the plant due to the flooding last year were recovered in a record time but also the financial loss to the company have been recovered through insurance claims and to safeguard against such future threats a 20 feet high concrete wall has been constructed around the plant. In reply to another query he informed that the company is constantly on the lookout for opportunities to increase plant efficiencies and has recently made a 1 million USD investment in a cooling tower project which is expected to result in huge savings to the company.