ISE-REIT shares to be sold

KARACHI: A committee of the Securities and Exchange Commission of Pakistan (SECP) has announced the sale of 1.82 million shares of ISE Towers REIT Management Company Limited (ISE-REIT), formerly Islamabad Stock Exchange Limited, through an open bidding to deal with the outstanding investors’ claims against the defaulter brokers, according to a bourse filing on Thursday.

Consequent upon integration of three stock exchanges of the country, the SECP formed a Funds Committee to deal with the defaulter brokers, it added.

The committee intends to sell 1.8 million shares of ISE-REIT forfeited on account of default proceedings against a defaulter broker. The bids would be received till 1400 hours on January 29, 2018.

In January 2016, the Islamabad Stock Exchange changed its name and scope of business and got converted from ISE to REIT company, as a consequence of the SECP’s approval of scheme of integration of the stock exchanges.

As of September 30, 2017, the ISE-REIT’s total assets stood at Rs4.486 billion and the company’s operating profits stood at Rs44.5 million.