LAHORE: The Lahore Stock Exchange has okayed its merger with the Karachi Stock Exchange to form the national bourse namely Pakistan Stock Exchange.
According to the official statement, the LSE’s general body, at an extraordinary general meeting, approved the scheme of integration of LSE with KSE as well as the consequential changes in the memorandum and articles of association of LSE to convert the residual company into a non-banking finance company from the effective date to be announced by the Securities and Exchange Commission of Pakistan (SECP) pursuant to memorandum of understanding signed by the exchanges.
The meeting, chaired by LSE chairman, also approved the change of name of LSE to ‘LSE Financial Services Limited.’ The scheme will now be submitted to the SECP for approval as per the requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 for implementation.
