Pakistan Stock Exchange Limited
|Pakistan Stock Exchange Limited|
Pakistan Stock Exchange (PSX) was created on January 11, 2016 from a merger of the three stock exchanges of Karachi, Lahore and Islamabad. Under the merger plan, operations of the Islamabad and Lahore stock exchanges were integrated into the Karachi Stock Exchange, which was renamed Pakistan Stock Exchange Limited.
Under the plan the PSX will become a listed company on the exchange with 40 per cent of its shares offered to foreign buyers — 20 per cent in an initial public offering (IPO) and the remaining 40 per cent allocated to listed brokers. According to officials, foreign investors could already trade on the existing exchanges, but the new bourse will be better organized and have more international links.
In early 2016 PSX put out an invitation for Expression of Interests (EOIs) for acquiring a 40 percent equity stake in PSX. The bourse's divestment committee was mandated in February of 2016 to complete the divestment.
The Karachi Stock Exchange was founded in 1947 with only five listed companies and a market capitalization of only Rs 37 million. KSE now has 572 companies listed with total value of Rs 6,958 billion.
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- Three stock exchanges to merge to form PSX today. Pakistan Today.
- PSX divestment: Local, foreign buyers keen on acquiring equity stake. The Express Tribune.