KARACHI: A Chinese consortium is set to acquire a 40 percent stake in Pakistan’s main bourse, the country’s stock exchange said Thursday.
At least 17 entities had expressed an interest in the Pakistan Stock Exchange (PSX), whose benchmark stock index was one of the best performing indices worldwide in 2016.
The deal is estimated to be worth about $84 million, according to an official who requested anonymity.
The PSX is currently owned by more than 300 Pakistani brokers.
“The bid submitted by Chinese Consortium @ Rs. 28 per share emerged as the highest and acceptable under the relevant regulations,” the PSX said in a statement.
The consortium comprises three Chinese exchanges—China Financial Futures Exchange Company Limited, the Shanghai Stock Exchange, the Shenzhen Stock Exchange and two local financial institutions—Pak-China Investment Company Limited and Habib Bank Limited.
“The Divestment Committee will now issue the Letter of Acceptance to the above Consortium, subject to formal approval of Securities and Exchange Commission of Pakistan (SECP),” the statement added.
Following the sale, the company plans to offer 20 percent of its shares to the public, officials say.