Web Desk: Dec 30 A Chinese-led consortium has purchased a 40 percent stake in the Pakistan Stock Exchange, the Shanghai Stock Exchange said in a statement on Friday.
The consortium is made up of the China Financial Futures Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, Pak China Investment Company Ltd and Habib Bank Ltd, according to the online statement.
The three Chinese exchanges will have 30 percent of the Pakistan exchange. And the investment will help promote economic and financial cooperation between the two countries, it added.
Earlier this week it was reported that a consortium led by three Chinese exchanges had offered 28 rupees ($0.27) per share to buy a 40 percent stake in the Pakistan Stock Exchange .KSE, according to a statement and the bourse’s top official.
“All I can say … is the Chinese consortium is the top bidder,” Managing Director Nadeem Naqvi told Reuters on Thursday ahead of an official announcement of the bids.
The consortium is led by the China Financial Futures Exchange Company Limited, the Shanghai Stock Exchange and the Shenzen Stock Exchange, according to a PSX statement.
It also includes two Pakistani financial institutions, the Pak-China Investment Company Limited and Habib Bank Limited (HBL.KA).
Naqvi said 40 percent of the Karachi-based stock exchange represents 320 million shares. That would make the potential deal worth PKR 8.96 billion ($85 million).