September 19, 2006	Tuesday	Sha'aban 25, 1427

KARACHI, Sept 18: A specialised cell has been set up at the Karachi Stock Exchange (KSE) to look into the matters pertaining to demutualization and helping members achieve the objectives without going into unnecessary details and complications. This was disclosed at a seminar on ‘Demutualization’ organised by the southern regional committee of the Institute of Chartered Accountants of Pakistan (ICAP).

Shahzad Chamdia, member KSE in his speech said that the existing members must disinvest 60 per cent of their shares, while Munir Ladha, director KSE defined the exact meaning of demutualization and said that it meant transition from a mutual company in which there are no shares and every member has one vote.—APP