Pakistan Stock Exchange (PSX) will be selling the remaining 20 percent of PSX shares to the general public soon, announced the board of directors of the bourse. These shares will be sold through an initial public offering (IPO).
A meeting in this regard was held on Wednesday where the PSX board of directors decided to offer the shares to the general public by the last week of June 2017. The directors have decided that the floor price of the shares would be limited to Rs. 28.00 per share while the strike price would be finalized after bids are received.
Additionally the board of directors have also approved nine month audit accounts for the PSX.
It should be noted that 40 percent of the bourse’s shares were sold to the Chinese Consortium and another 40 percent is given to the members of the stock exchange.
The Chinese consortium had won the stake in December last year by placing the highest bid of Rs28 per share for 320 million shares at a total price consideration of Rs8.96bn.
With 40pc shares of the PSX already distributed among the brokers and another 40pc sold to the Chinese consortium, the remaining 20pc stock is to be offered through an initial public offering (IPO)
Recent Market Surges
PSX recently crossed the 51,000 point milestone, making history in the process. After the Panama Case verdict was announced, there was a reported surge of 1800 points recorded at the stock exchange.
This rise in trading was short lived with the the total falling to 1140 points at day end.