Pakistan Stock Exchange will start operations from Dec 28
Naqvi told the media yesterday the prime minister will formally inaugurate this single equity trading platform in the second week of January.
The licences of both Lahore and Islamabad stock exchanges along with their trading right entitlement certificates (TREC) holders will be terminated. These brokers will become TREC holders of the PSE, thus increasing the number of brokers on the bourse currently known as the KSE.
But unlike KSE’s original 200 brokers, new TREC holders will not own any shareholding in the PSE.
In the next phase of the integration of the stock market, the PSE will sell up to 40% equity stake to a strategic investor, which will be followed by the sale of another 20% shareholding to the general public. The group of 200 KSE brokers, which originally owned 100% shareholding in the bourse, will receive the proceeds of the sale of shares. They will also retain the remaining 40% stake in the PSE.
Naqvi said the PSE will now appoint a new financial adviser to look for the strategic investor. Earlier, Deutsche Bank served as financial adviser. A local investment bank is likely to join hands with the new (foreign) financial adviser because of the general public component of the sale of KSE shares.
Borsa Ýstanbul has sent an “initial letter of interest” to the KSE to acquire up to 40% shareholding in the PSE. “Qatar Stock Exchange and London Stock Exchange have also shown interest,” he added.
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