PSX board approves demerger

KARACHI: The board of Pakistan stock exchange (PSX) on Friday approved the concept of demerger of real estate from its operations.

This would result in creation of a separate entity, “the shares of which would be issued to the existing shareholders of the bourse,” a PSX notice said. “The board mandated the management to hire the services of investment banker and legal council to advise in the process.”

The PSX scrip shed 2.02 percent at the trading on the bourse.

PSX also announced a profit of Rs71.210 million for the half-year ended December 31, 2017 with EPS of Re0.09, down 34 percent from the profit of Rs107.98 million and EPS of Re0.13 in the corresponding period previous year.

PSX’s revenue, during the period under review, clocked in at Rs476.12 million, which includes Rs31.64 million of rental income from investment property. The revenue was Rs486.20 million for the half-year ended December 31, 2016.