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PSX to sell 40pc stake to China, Britain

KARACHI: Pakistan Stock Exchange (PSX) announced on Friday that it is about to sell a 40 per cent stake next week.

According to a company official, Chinese and British consortia are among the prospective buyers.

At least 17 entities have expressed an interest in the Pakistan Stock Exchange (PSX), whose benchmark stock index was one of the best performing indices worldwide in 2016, gaining 38 per cent so far.

 “We are opening bidding for the 40 percent share of the PSX on December 15,” Chief of a PSX divestment committee, Shahzad Chamdia said.

Analysts estimate the deal will be worth around $225 million, but the committee declined to comment.

“We have the reference share price being evaluated by a third party and will reveal it only on the bidding day,” Chamdia said.

“A consortium consisting of the top Chinese companies including Shanghai Stock Exchange, the Shenzhen Stock Exchange and a Chinese fund is bidding, as well as another consortium of UK financial institutions led by NASDAQ Technology,” he added.

 

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M M Alam

M. M. Alam is a Pakistan-based working journalist since 1981. Karachi University faculty gold medalist Alam began his career four decades ago by writing for Dawn, Pakistan’s highest circulating English daily. He has worked for region’s leading publications, global aviation periodicals including Rotors (of USA) and vetted New York Times as permanent employee of daily Express Tribune. Alam regularly covers international aviation and defense-related events including Salon Du Bourget (France), Farnborough (United Kingdom), Dubai (UAE). Alam has reported thousands of events and interviewed hundreds of people in Pakistan, UAE, EU, UK and USA. Being Francophone Alam also coordinates with a number of French publications.