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Strategic sale: PSX to open bids on 22nd

KARACHI: The Divestment Committee of the Pakistan Stock Exchange (PSX) started receiving bids for the sale of 40 per cent equity stake in the bourse from 4pm on December 15, a press release stated on Friday morning.

It said the bids will be received until 4pm on December 22 and will be opened at 5pm on the same day at PSX. “The bids will be opened in the presence of authorised representatives of the respective bidders in line with prescribed procedures,” the statement by the PSX said.

The PSX is in the process of selling 40pc strategic shares in the bourse. According to informed sources, six contestants put in their bids on Thursday. Bidders included foreign consortiums of stock exchanges and institutions, and local banks and financial institutions. The strategic investment will include management control of the PSX core operations.

Earlier, at least 17 parties submitted expressions of interest for the acquisition of 40pc PSX shares. A consortium consisting of the Shanghai Stock Exchange, Shenzhen Stock Exchange and a Chinese fund as well as another consortium of UK financial institutions led by NASDAQ Technology were among the applicants.

After the completion of the sale of the strategic stake, the PSX plans to offer 20pc of its shares to the general public as the remaining 40pc shares are already vested with the stockbroker fraternity.

courtesy : dawn news

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