Islamabad Stock Exchange approves integration scheme with KSE
ISLAMABAD – The Islamabad Stock Exchange (ISE) – in its annual general meeting of the shareholders here on Tuesday – approved the scheme of integration of the ISE with the Karachi Stock Exchange and to change the name of the stock exchange to ISE REIT Management Company Limited.
The meeting also approved the amendments in memorandum and articles of association of the Islamabad Stock Exchange apart from its routine ordinary business. The meeting of shareholders was attended by 49 per cent of the ISE shareholders in person or through proxy. Out of the 11 directors on the board of the stock exchange, nine attended the meeting.
Board of Directors Chairman Moin M Fudda lead the meeting and described briefly the background whereby the process of integration was undertaken as a result of a memorandum of understanding entered into by the three stock exchanges on August 25.
ISE Demutualization Committee Chairman Syed Mukhtar Hussain Jaffery also briefed the general body that in view of consolidation of business of stock exchanges all Trading Right Entitlement Certificates (TREC) holders of the ISE would be issued TREC of the Pakistan Stock Exchange (PSE) without any fee and they would be treated at par with all TREC holders of the PSE, equally which will be a more vibrant trading platform.
He said that after the integration the Pakistan Stock Exchange would emerge as a sole securities exchange in Pakistan. The shareholders raised certain questions on the integration process, which were answered by Jaffery and the management. The meeting then unanimously approved the special resolution – as placed before it – without any change.
The general body also applauded and placed on record the special thanks and appreciation for the hard work and efforts put in by the Demutualization Committee chief in particular and by the committee, members of the board and the management in general.
The participants wished growth and success for the envisioned Pakistan Stock Exchange that would unite and strengthen the securities industry and also accelerate the development of the capital market in Pakistan.