PSX receives payment against 40 percent stake from Chinese

Pakistan Stock Exchange (PSX) Friday received payment of 40 percent shares from Chinese consortium, it is reliably learnt. The Chinese consortium had acquired 40 percent stake of PSX at the rate of Rs 28 per share. The total amount of this transaction is around $85.5 million. The payment is likely to be credited to the accounts of PSX members on Tuesday as 4 previously default members shares are still not available.
After this transaction, the Chinese consortium now owns 40 percent stake of the bourse. As per the agreement, the Chinese consortium will be entitled to nominate four directors on PSX Board. Earlier, 40 percent stake of PSX had been given to its members who were actually the owners of the stock exchange. The remaining 20 percent shares would be offered to general public through initial public offering. The listing of PSX on the stock exchange is expected in June this year when 20 percent remaining shares would be offered to general public to complete the demutualization of the Pakistan Stock Exchange.