Stock exchange: PSX to sell 40% stake in coming months

LONDON:  

Pakistan plans to sell a 40% stake in its stock exchange in coming months and Turkey’s Borsa Istanbul has expressed some initial intent, the head of the bourse said on Monday.

The sale would happen at the end of this year or in early 2017, Pakistan Stock Exchange (PSX) Managing Director Nadeem Naqvi told an investment conference organised by Renaissance Capital in London.

Naqvi said the bourse would launch an official process over the next two weeks to invite expressions of interest from potential investors. It had already reached out to the London, Shanghai, Turkish and Qatar stock exchanges, he added. He, however, said only Borsa Istanbul had responded so far. The stake sale would be followed up with a listing of a further 20% of stock exchange shares in the domestic market, Naqvi added. The privatisation of almost 70 state-owned companies is a major element of a $6.7 billion three-year IMF package.

Published in The Express Tribune, May 24^th, 2016.

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