PSX Divestment Committee Chairman Shahzad Chamdia has confirmed that some 200 stockbrokers have started receiving their share as sale proceeds from the recent sale of 40 pc stake of Pakistan Stock Exchange (PSX) to the Chinese consortium. The process is likely to be completed in the next few days. Each shareholder-broker is entitled to Rs4Om. The original book valuation of the stock was Rs 10 per share which had increased nearly three times to Rs 28 per share. Hence 320m shares representing the 40pc stake were valued at a total of Rs8.96b.
The initial meeting incorporating 4 new Chinese board members is scheduled to be held today, Friday.
It is expected that the share entitlement will lead to a fresh inflow of funds into the share market. Furthermore, it will ease out some 15 stock brokers who had been found guilty of practicing in-house badla financing. Many will also find the funds useful for up gradation of their brokerage houses. Another major advantage for the brokers is that the sales proceeds has helped determine the value of their brokerage houses.
At the upcoming Initial Public Offering (IPO) of 20pc remaining stake of the stock exchange to the public, the stock will begin trading at Rs28. The IPO is scheduled to be held in June when the bourse will be listed.
