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Pakistan Stock Exchange's sale of majority stake may fetch US$136M

Pakistan Stock Exchange's planned of a majority stake could bring inapproximately US$136 million, The NewsInternational reported Oct. 6.

Sale of a 40% stake in the stock exchange to strategicinvestors, as well as a 20% stake via an IPO, could fetch a total of US$136million in the brokers' cash balances, assuming a transaction price of 3x thebook, said Zeeshan Afzal, executive director research at brokerage InsightSecurities.

The divestment is part of a demutualization process underwhich the country's three exchanges were integrated into the PSX.

The PSX has reportedly received a letter of intent from the ShanghaiStock Exchange to acquire a 40% stake in PSX.