CHINESE CONSORTIUM TO PLACE DIRECTORS ON PSX

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.