ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) is currently scrutinising the expressions of interest (EoIs) received from foreign and local institutions for acquiring stake in the Pakistan Stock Exchange (PSX). The chairman SECP informed this to meeting chaired by Finance Minister Ishaq Dar that divestment of PSX would be followed by due diligence and bidding process.

The SECP has held detailed consultative sessions with senior market professionals and experts who have endorsed institutional shareholding structure for the PSX, including local and foreign investors.

This is expected to bring in the desired international expertise, technology, improved governance at the board level and create international linkages for attracting foreign investment.

The local institutional participation will assist in enhanced capital market outreach, local market knowledge and overall objective of the government for financial inclusion.

Mr Dar expressed his satisfaction over the divestment process being facilitated by the SECP and advised that the national interest should be kept supreme.

He emphasised on the process to be completed speedily and with complete transparency. He directed that all necessary reforms be put in place to facilitate the market to grow to its full potential so that the benefits can be passed on to the economy. He assured the government’s full support to the SECP in its reform initiatives.

Published in Dawn, August 28th, 2016