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.

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.