KARACHI, Dec 6: The Karachi Stock Exchange (KSE) elected five directors for the new term, beginning on Jan 1, 2008.

A KSE spokesman, declaring the results following annual elections held on Thursday, named the following five to have succeeded at the ballot: Mr Shehzad Chamdia, Mr Munir M. Ladha, Mr Dawood Jan Mohammad, Mr Mohammad Sohail Dayala and Mr Mohammad Shoib Memon.

A total of seven stock brokers were in the run for the five member seats on the board of directors.

The turnover of voter brokers was relatively good with 167, out of 200 members using their right to cast votes.

Earlier, 160 ballot papers were declared valid whereas seven were rejected.

The KSE stated that in accordance with the Articles of Association of the Exchange, four non-member directors would now be nominated by the Securities and Exchange Commission of Pakistan for the next term.

Chairman of the board of directors would be elected by the members on the board from amongst non-member directors.

The managing director, Mr Adnan Afridi, will continue to hold his office, by virtue of which he is counted as the tenth director on the KSE Board.