ISLAMABAD: Three seats of shareholder directors for the board at the Pakistan Stock Exchange (PSX) has received seven applications on the last day of filing their nominations.
And the Chinese syndicate has recommended four names for their nominations, reported Dawn.
April 5th, which was the last date for filing applications for the elections of the PSX board of directors, Mr. Ahmed Chinoy, Mr. Ashraf Bawany, Shehzad Chamdia, Abid Ali Habib, Humayyun Javed, Aftab Aziz and Adil Ghaffar filed their nominations for the local shareholders post.
Elections of the PSX board of directors are scheduled to be held on April 19th. The elections will see the appointment of seven directors and its is predicted the Chinese syndicate will secure four positions while the remaining will be taken up by local shareholders.
One of the candidates revealed the Chinese syndicate had block votes at their disposal, whereas the local shareholders mandate was divided due to the number of shares.
For each nominee to be successful, they would need around 114 million shares to get the post of director out of a total share capital of 800 million shares PSX has.
The bourse will assess these applications under various regulatory requirements and would send it to Securities and Exchange Commission of Pakistan for formal go-ahead.
As per section 159 of Companies Act, the bourse must announce the names of qualified contestant not later than seven days before election date.
Once the elections conclude, the present independent directors along with new appointees to the PSX board would send 14 names to SECP for finalization of seven candidates as independent directors.
