SECP forms Divestment Committee

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) has constituted a “Divestment Committee” for the purposes of divestment of shares of the Pakistan Stock Exchange Limited (PSX), a statement said on Tuesday.

The committee comprises four newly-elected directors of the exchange, Abid Ali Habib, Muhammad Yasin Lakhani, Abdul Majeed Adam and Ahmed Chinoy, and renowned capital market experts having extensive experience, Arif Habib, Najam Ali, Ferozuddin Cassim, Amin Issa Tai, Muhammad Sohail and Shehzad Chamdia.

The committee has been notified in terms of requirements of the Stock Exchanges (Corporatization, Demutualization and Integration) Regulations, 2012 and has been entrusted with ensuring completion of the divestment process within six months.

It is expected that the post-integration, PSX will be able to attract global strategic investors and financial institutions and form technological partnerships, to fulfill the objectives of integration, become a major regional investment hub and play its due role in the development of the national economy.