Islamabad Stock Exchange (ISE) has completed the scheme of Corporatization, Demutualization and Integration Act 2012 by transferring shares equally among the approved 121 initial shareholders of the Exchange.
According to a statement issued here on Friday, the general body of ISE has unanimously approved the new Memorandum and Articles of Association of the Islamabad Stock Exchange Limited for converting its status to a company limited by shares, as approved by the Securities and Exchange Commission of Pakistan (SECP) in its meeting held here on August 16.
The ISE will submit the amended articles along with other relevant documents to the registrar.
Within seven days of receipt of this information, the Registrar shall issue a certificate of re-registration to the stock exchange as evidence of its change in status from a company limited by guarantee to a public company limited by shares.
The directors of the stock exchange holding office on the date of corporatization shall automatically cease to hold such office on receipt of the certificate of re-registration by the stock exchange, and shall be replaced by the first directors.
After completion of this process, the new directors of the exchange will be elected within 30 days of demutualisation, according to the procedure.
Published in The Express Tribune, August 18th, 2012.
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