The Karachi Stock Exchange (KSE) has invited bids for the purchase of membership rights/seats of the KSE, from the eligible individuals and corporate bodies, financial institutions/banks (local and foreign). The KSE, in its notice issued here on Wednesday, said that any offer, if accepted, shall be subject to the terms and conditions and the membership criteria of the Exchange.
"The bids may be sent under sealed envelop marked as 'Bid for Membership Rights', addressed to the Managing Director of the Exchange, the notice said. The bids should reach KSE latest by September 5, 2011, along with a pay order for advance payment of 10 percent against the amount, offered and drawn in favour of The Karachi Stock Exchange (Guarantee) Limited. In case of non-acceptance of the offer, such amount shall be refunded, the notice added.
The minimum reference price for bidding has been fixed at Rs 40 million, and any bid lower than the specified amount will not be acceptable. The application(s) selected for the membership will have to pay the balance amount of their bid within 10 working days from the date of demand by the Exchange, failing which the advance payment will be forfeited by the Exchange.