KARACHI: The Board of Directors of Pakistan Stock Exchange (PSX) Wednesday decided to acquire 2,669,681 ordinary shares of National Clearing Company of Pakistan Ltd (NCCPL) from Pakistan Kuwait Investment Company (Pvt) Ltd.
In a notice on the PSX’s website, the Exchange said, “PSX intends to acquire 2,669,681 ordinary shares of Rs 10/- each in National Clearing Company of Pakistan Limited (NCCPL), from Pakistan Kuwait Investment company (Pvt) Limited, a shareholder of NCCPL, at a price of Rs 26/- per share, the amount in aggregate to Rs 69,411,706.”
The Board of Directors (BoDs) of the Exchange, in its meeting held on December 23, 2020, has approved the aforesaid acquisition of shares, NCCPL, as equity investment of Rs 69,411,706, subject to the consent of shareholders of PSX, as required under section 199 of the companies act 2017, the exchange said.
The BoD has further decided to convene an Extra-Ordinary General Meeting (EOGM) of the exchange on January 21, 2021, to seek approval of the shareholders in this matter. The notice of EOGM will be dispatched to the shareholders in due course of time.
Moreover, the BoD has approved the investment of Rs 75 million in the proposed venture being sponsored by Central Depository Company of Pakistan Ltd, to act as a third party Clearing, Settlement and Custodial Services provider, with the view to implement the concept of the Professional
Clearing Member (PCM), as envisaged by the Securities and Exchange Commission of Pakistan, the notice said.
