In order to sell 40% equity stake held by existing shareholders of Pakistan Stock Exchange Limited (Formerly: Karachi Stock Exchange Limited) [“PSX”] under Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 and Regulations framed there under, the Divestment Committee of PSX, under the chairmanship of Mr. Shehzad Chamdia, conducted the bidding process on Thursday, December 22, 2016. The Divestment Committee opened the bids and announced the same in the presence of representatives of all qualified bidders.
The bid submitted by Chinese Consortium @ Rs. 28 per share emerged as the highest and acceptable under the relevant Regulations. The said Consortium comprises of three Chinese Exchanges, i.e. China Financial Futures Exchange Company Limited (being the lead bidder), Shanghai Stock Exchange, Shenzhen Stock Exchange and two local Financial Institutions, i.e. Pak China Investment Company Limited and Habib Bank Limited.
The Divestment Committee will now issue the Letter of Acceptance to the above Consortium, subject to formal approval of Securities and Exchange Commission of Pakistan [SECP].