ISLAMABAD: The chairman of Securities and Exchange Commission of Pakistan (SECP) along with chairman of the Pakistan Stock Exchange (PSX) Muneer Kamal briefed Finance Minister Ishaq Dar on the divestment of shares and related issues.
The minister was also briefed on the expression of interest (EOIs) received from various national and international buyers in relation to divestment of 40 percent shares of the PSX. The shares are lying in blocked accounts to be sold to Strategic Investor(s) (SIs), and local financial institutions as required under the stock exchanges (corporatization, demutualization and integration) Act, 2012.
Recently, the divestment committee of PSX’s shareholders mandated to carry out the divestment had extended the timeline for submission of EOIs till August 15, 2016 in view of recent changes including British decision to exit from the European Union, Pakistan’s inclusion in MSCI emerging markets and various important reforms witnessed by our capital market.
In the interim PSX is formulating a marketing strategy, to be implemented soon after Eid holiday, to present its case to local and foreign prospective investors.The federal minister reiterated that the divestment should be speeded up and executed keeping the view the best national interest and development of the Pakistan capital market.
Chairman SECP also briefed finance minister on the progress made on draft Companies Bill, 2016. The Chairman SECP apprised the minister regarding the extensive consultative process undertaken by the SECP on advice of the minister and the quantum of feedback received from the general public, the professional bodies and the experts and the status of incorporation of the suggestions and the new concepts. The provisions added in draft Companies Bill were discussed in detail by finance minister with team of SECP and appreciated the work done so far by the Commission. Especially the concepts including exemptions to companies with lesser capital and inactive companies regarding audit and filing requirements were appreciated by him. He expressed hope that these concepts will go long way for documentation of economy.
