KARACHI: Farrukh Hussain Khan assumed charge as Chief Executive Officer (CEO) of the Pakistan Stock Exchange (PSX) on Monday.
In a notification posted on the PSX website, the was stated, “Please be informed that Farrukh Hussain Khan, who was appointed by the Board of Directors of the Pakistan Stock Exchange with the approval of Securities and Exchange Commission of Pakistan as Chief Executive Officer of PSX, has assumed charge with immediate effect from today.”
Khan replaces Muhammad Rafiq Umer, who had been acting as the acting CEO until today, the notification added.
Khan’s appointment was previously announced by the PSX on December 24, 2019.
“The PSX warmly welcomes the new CEO and wishes him all the best in taking the exchange to new heights of prosperity for the exchange itself, its stakeholders and the investors,” said a separate statement released by the PSX.
WHO IS THE NEW CEO?
In a separate statement, the PSX said that Farrukh Khan has over 30 years of senior management and board-level experience.
Previously, he had been the Country Director and CEO of Acumen Pakistan. He has also served in various senior positions at Acumen in both Pakistan and the UK, including Senior Director Business Development, Chief Business Development Officer and member of the Management Committee.
Khan was also the founding partner and CEO of BMA Capital Management Ltd. Under him, BMA established itself as the leading investment banking group in Pakistan and received the 2010 Euromoney award for the best investment bank in Pakistan.
Khan also managed the $813 million GDR offering and London listing of Oil and Gas Development Co, Pakistan’s largest listed company. As an adviser, he also helped with the $2.6 billion acquisition of Pak Telecom, which was the largest merger and acquisition transaction, and the largest foreign direct investment in Pakistan’s history.
Other transactions include the $1.5 billion privatisation of KotAddu Power Company and the $898 million GDR offering for Pak Telecom. In fact, he also advised, either on the buy or sell side, on almost 50% of all successful privatisations in Pakistan, totaling over $4 billion in value.
Additionally, he was the President of the Overseas Investors Chamber of Commerce & Industry (OICCI). He was also chairman of the Young Presidents’ Organization (Pakistan Chapter). In addition, he was associated with the Securities and Exchange Commission of Pakistan (SECP) as the member of its policy board from 2018 to 2019.
Khan qualified as a chartered accountant from the UK’s Institute of Chartered Accountants and also holds a BA (Hons) in Economics & Finance from the University of Manchester.