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PSX extends date to sell 40 percent stake

KARACHI (Dunya News) – The Divestment Committee of Pakistan Stock Exchange Limited (PSX) has started receiving bids for the sale of 40% equity stake of PSX from 4.00pm, December 15, 2016 onwards.

The Bids will be received till 4:00 pm December 22, 2016 and shall be opened at 5:00 pm, same day at PSX.

The bids will be opened in the presence of authorized representatives of the respective bidders, in line with prescribed procedures.

Administration of Pakistan’s main bourse extended date for auction of 40% percent stake on request of International Monetary Fund (IMF). Earlier, this auction was anticipated on December 15.

According to sources, six entities have submitted applications for purchase of 40 percent stake.

Sources further revealed that 40 percent of shares will be presented for auction before international and local firms while 20 percent shares are allocated for local individuals.

Under stock exchange reforms, Pakistan merged its three stock exchanges named as Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange to form the PSX in January this year.