LSE approves integration scheme
LAHORE – The general body of the Lahore Stock Exchange (LSE) has approved the scheme of integration of LSE with KSE as well as the consequential changes in the memorandum and articles of (LSE’s) association to convert the residual company into a non-banking finance company as from the effective date to be announced by the Securities and Exchange Commission of Pakistan (SECP).
An extraordinary general meeting was chaired by LSE Chairman Muhammad Naeem here on Wednesday to consider and adopt special resolutions to approve the scheme of integration of LSE with KSE, change of name of the LSE to LSE Financial Services Limited and to affect such change, the amendments in the Memorandum and Articles of Association of LSE. The meeting was attended by the shareholders having 34 per cent shareholding of LSE.
The scheme will now be submitted to the SECP for approval as per requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 for implementation.