Four strategic investors submitted bids to buy a 40% stake in the Pakistan Stock Exchange on the opening day of the bidding, The Express Tribune reported Dec. 16.
The Pakistan Stock Exchange, which was established in January as a result of the merger of the stock exchanges of Lahore, Karachi and Islamabad, started receiving bids for the stake on Dec. 15, according to a same-day release. The bidding will run through Dec. 22.
Markhor, a consortium which includes MCB Bank Ltd. and Faysal Bank Ltd., submitted a bid to acquire the entire 40% stake in the bourse allocated for strategic investors. The second strategic investor was a Chinese consortium. Habib Bank Ltd. is a member of the Chinese consortium.
National Bank of Pakistan and Habib Metropolitan Bank Ltd. submitted bids for a 5% stake each, the maximum stake local bidders are allowed to buy in the PSX.
Previously in November, The Express Tribune had reported that the bourse was planning to complete the stake sale by Dec. 27.
PSX will offer another 20% shares to the general public within six months following completion of sale of the 40% stake.