CHI­NESE CON­SOR­TIUM TO PLACE DI­REC­TORS ON PSX

Pakistan Today (Karachi) - - BUSINESS -

KARACHI: Chi­nese con­sor­tium-pur­chas­ing 40 per cent eq­uity of Pakistan Stock Ex­change (PSX) re­cently along with two lo­cal fi­nan­cial in­sti­tu­tions will ap­point its di­rec­tors on PSX Board be­fore end of this month. With ap­point­ment of the di­rec­tors, the Chi­nese con­sor­tium would be­come fully func­tional and get di­rect con­trol over PSX rou­tine op­er­a­tions, a lead­ing stock bro­ker and for­mer direc­tor PSX Za­far Moti said here. He noted with sat­is­fac­tion that the de­mu­tu­al­i­sa­tion process of PSX was suc­cess­fully go­ing ahead. Af­ter off-load­ing 40 per cent shares of bro­kers to Chi­nese con­sor­tium as PSX’s strate­gic part­ner, he said, PSX had be­come the best per­form­ing re­gional stock ex­change. It was go­ing to cross 50,000 index. Now, PSX had be­come very at­trac­tive for the world. Malaysia and Sin­ga­pore had also shown their in­ter­est in PSX, he said. Za­far Moti said that PSX had pre­pared for book build­ing; which would boost trade of shares and bring for­eign in­vest­ment. Un­der this ini­tia­tive, prices of the shares would be dis­played for open of­fer within and out­side the coun­try. “China is our sole strate­gic part­ner. Any other coun­try would be wel­come to be­come our part­ner in PSX,” he re­marked.

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