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PSX sells 40pc shares to Chinese consortium

Business Important News 
02:21 AM, 23 Dec, 2016
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PSX sells 40pc shares to Chinese consortium

Karachi (Web Desk): The Pakistan Stock Exchange (PSX) has sold 40 per cent strategic shares to a Chinese consortium that made the highest bid of Rs 28 per share for 320 million shares on offer.


READ MORE: Govt decides to sell unused state properties at Dubai Expo

The value of the transaction is calculated to be Rs8.96 billion ($85 million).

The Chinese consortium comprises three Chinese exchanges — China Financial Futures Exchange Company Limited (lead bidder), Shanghai Stock Exchange and Shenzhen Stock Exchange. Together they will take up 30pc of the strategic stock while two local financial institutions — Pak-China Investment Company Limited and Habib Bank Limited — will pick up 5pc each, the maximum permitted to a single institution under the regulations.

Tagged psx chinese consortium Pakistan Stock Exchange
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