June 7, 2002	Friday	Rabi-ul-Awwal 25,1423

KARACHI, June 6: Karachi Stock Exchange approved an investment of Rs20 million in the shares of National Commodity Exchange Limited (NCEL) on Thursday.

The investment of Rs20 million, which amounts to 40 per cent of the NCEL’s paid-up capital of Rs50 million, was approved by the members of the KSE at an extraordinary general meeting called for the purpose.

A statement issued by the exchange stated that the chairman and the MD-KSE had been authorized to sign appropriate documents and forms and fulfil requisite legal and corporate formalities.

“The remaining 60 per cent capital in NCEL is expected to be subscribed by the Asian Development Bank, Agricultural Development Bank of Pakistan, Lahore Stock Exchange, Islamabad Stock Exchange and other leading financial institutions,” the KSE statement said.

National Commodity Exchange Limited was incorporated on April 20, 2002 and obtained the certificate of Commencement of Business from the Registrar Joint Stock Companies, Karachi on May 20. The company was granted approval for registration under section 5 of the Securities and Exchange Ordinance, 1969 from the Securities and Exchange Commission of Pakistan (SECP) on May 16.

KSE stated that the NCEL was the first commodity exchange at the national level in Pakistan which had been set up to establish, conduct and regulate a futures commodity market in Pakistan.