KARACHI, Aug 25: Muhammad Yacoob Memon was appointed as Acting Managing Director of the Karachi Stock Exchange from August 26, 2005 by the Board of Directors of KSE at a meeting held on Monday.

A press release issued by the bourse on Thursday said that the acting MD had been vested with all powers, functions and privileges available to the managing director under the Articles of Association and Rules & Regulations of the Exchange.

The board was also said to have accepted the request of Managing Director Moin M. Fudda for leave preparatory to his 3 years term ending on September 19, 2005.

“The board extended its heartiest congratulations to Mr Fudda on award of Sitara-e-Imtiaz by President Pervez Musharraf and recorded its appreciation for the services rendered by him during last 3 years”, the KSE press release stated.