PHOTO: AFP
KARACHI: Pakistan Stock Exchange (PSX) has hired a foreign consultant McKinsey for pointing out issues and problems, suggest solutions and get them implemented to double profit of the bourse.
This was revealed by former PSX CEO Arif Habib, who attributed the remarks to PSX Acting CEO Haroon Askari.
PSX after-tax profit dropped 58% to Rs132.3 million in the year ended June 30, 2016 compared to Rs317 million in the previous fiscal year, according to the Annual Report 2016.
A bourse official added that the foreign consultant had been examining PSX for the last three weeks and was expected to complete its study by the end of July. In the second phase, it will implement proposed solutions.
"The firm is estimated to charge Rs3-4 million at the time it will implement the solutions," he said. "The firm is known for its skills to turn around organisations."
McKinsey will give a three-year business plan to PSX, which will include launch of new products and services, how to increase the investor base to one million in the next three years, how to attract up to 300,000 Chinese investors to trade in PSX-listed firms and how to increase the number of listed companies, especially the state-owned firms.
The official said the consultant would develop the Organisational Health Index for PSX to underline its weaknesses and suggest solutions.
Published in The Express Tribune, July 1st, 2017.
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