PSX receives payment for 40 percent shares from Chinese consortium
The PSX plans to sell remaining 20 percent of the shares through Initial Public Offering by June
March 03, 2017
KARACHI: The Pakistan Stock Exchange (PSX) on Friday received payment against selling of 40 percent of its shares.
The PSX sold 40 percent shares to the Chinese–led consortium at a rate of Rs 28 per share.
The amount received would be transferred to stock brokers' accounts by next week.
The PSX plans to sell remaining 20 percent of the shares through an Initial Public Offering (IPO) by June.
In December, Chinese-led consortium had offered approximately $85 million for acquiring 40 percent stake of the PSX. The sale has enhanced the PSX value to US$213mn. PSX’s original book value was US$76mn.
The bid submitted by Chinese Consortium @ Rs. 28 per share had emerged as the highest and acceptable under the relevant regulations. The said Consortium comprises three Chinese Exchanges: China Financial Futures Exchange Company Limited (being the lead bidder), Shanghai Stock Exchange, Shenzhen Stock Exchange and two local Financial Institutions: Pak-China Investment Company Limited and Habib Bank Limited.
Earlier, at least 17 entities had expressed an interest in the PSX shares. The PSX's benchmark stock index is considered among the best performing indices worldwide in 2016, gaining 38 percent so far.
