January 7, 2003	Tuesday	Ziqa’ad 3, 1423

KARACHI, Jan 6: Firozuddin Cassim—a senior member of the Karachi Stock Exchange—was elected the chairman of the board for the year 2003.

A press release issued by the KSE said that Mr. Cassim had been a member of the KSE since 1965 and had twice been elected to the post of the president in mid-eighties.

Mr. Cassim was stated to have expressed gratitude for the confidence reposed in him by the elected directors. “I shall need continued guidance from all members of the Board including the SECP nominated directors,” Mr. Cassim said.

Referring to various issues/areas outlined by the Advisor to the Prime Minister on Finance & Economic Affairs in his recent ‘press briefing’ for the improvement of capital markets, Mr. Cassim said that the new Board was aware of the challenges ahead and would address the issues of new listings and improvement of image and investors’ confidence.

Mr.Cassim also appreciated the capability of the IT team of the Exchange and said that he would continue to support strengthening of the management team and would avoid interference in the day-to-day affairs.

He said that good corporate governance should not stifle entrepreneurs. Mr. Cassim stated that KSE would work hand in hand with SECP for maintaining close coordination for overall improvement of capital market, which would be further strengthened and developed.

Earlier, the outgoing chairman of the bourse, Salim Chamdia in the joint meeting of the outgoing and the newly elected boards, thanked the members of the outgoing board of directors for their contribution and support.