PSX, Chinese consortium sign equity share purchase agreement

KARACHI: The share purchase agreement of Pakistan Stock Exchange’s (PSX) equity stake with Chinese consortium has been signed today.

Finance Minister Senator Ishaq Dar Friday witnessed the signing ceremony.

The landmark agreement was signed by PSX Divestment Committee Chairman Shahzad Chamdia and the chief executive officers of the Chinese exchanges forming the consortium.

The Chinese consortium, qualified as the best bidder for the purchase of 40 percent shares of PSX brokers, includes China Financial Futures Exchanges, Shenzen Stock Exchange and Shanghai Stock Exchange, and two local companies Pakistan China Investment Company Limited and Habib Bank Limited.

Other prominent figures present on the occasion were Chinese Ambassador to Pakistan Sun Weidong; CEO of China Futures Exchanges, Hu Zheng; Shenzen Stock Exchange CEO, Wang Jianjun; Governor, State Bank of Pakistan, Ashraf Mahmood Wathra; PSX Chairman Muneer Kamal; PSX Managing Director Nadeem Naqvi; Chairman, Securities and Exchange Commission of Pakistan, Zaffar-ul-Haq Hijazi; CEO, Trade Development Authority of Pakistan, S.M.Muneer; President, Federation of Pakistan Chambers of Commerce and Industry, Zubair F.Tufail.

The Finance Minister, Chairman PSX, Chairman SECP, Governor SBP, Chinese Ambassador to Pakistan, CEOs of Chinese Exchanges were unanimous to note that the agreement would strengthen not only Pakistani market but also regional markets. This would also help in making the China-Pakistan Economic Corridor (CPEC) more fruitful.

The PSX Chairman said after demutalisation of Pakistan Exchanges, it was mandatory to sell 40 percent of PSX shares to strategic partners, adding that they found the best strategic partners.