Pakistan Stock Exchange (PSX) announced that its board of directors has authorized it to enter into an agreement with PSX Financial Centre, a wholly owned subsidiary of PSX, to demerge into two distinct segments.
According to the notification, PSX Financial will manage the real-estate assets (Demerged Undertaking), while PSX will retain the exchange operation segment (Continuing Undertaking). PSX Financials’ shares will later be assigned to PSX, and its profit and loss will be reflected in PSX’s profit and loss accounts.
The notification read: “while the Continuing Undertaking shall be retained by PSX, in consideration of which ordinary shares of PSX Financial shall be allotted and issued to PSX (as a consequence of which PSX Financial shall remain a wholly owned subsidiary of PSX)”.
“The Scheme of Arrangement shall be circulated to PSX and the members in due course, subject to directions/order of the High Court of Sindh at Karachi, and in accordance with applicable laws,” it added.
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