Chinese group wins 40% PSX stake

KARACHI: A Chinese consortium has won the bid for a 40% stake in the Pakistan Stock Exchange (PSX) with an amount of Rs8.96 billion or roughly $85.5 million, PSX divestment committee chairman Shehzad Chamdia confirmed on Thursday.

The development means management control of the stock exchange’s core operations will go to the group comprising the Shanghai Stock Exchange, Shenzhen Stock Exchange, Chinese Financial Futures Exchange Company Limited, Pak-China Investment Company and Habib Bank Limited.

The bid submitted by the Chinese consortium emerged as the highest and acceptable under the relevant regulations, stated a press release issued by the PSX. “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].”

Published in The Express Tribune, December 23^rd, 2016.