ISLAMABAD, Oct 27: The 18th annual general meeting (AGM) of the board of directors of the Islamabad Stock Exchange (ISE) on Saturday approved the annual accounts of the exchange and appointed auditors for the current year.

Director ISE Muhammad Sharif Chaudhry presided over the meeting and also presented a brief review of the performance of the bourse. The exchange earned a profit of Rs39.29 million during the year.

The meeting also elected five new directors for the term 2007-08. The new directors include Zahid Latif Khan, Sheikh Muhammad Shabbir, Rafaqat Ali Chaudhry, Riaz Ahmed and Syed Nooh Adnan.

Besides taking up regular items of the agenda, Convener Demutualisation and Corporatisation Committee Syed Mukhtar Hussain Jaffery briefed the members about progress made on the demutualisation and corporatisation fronts. He highlighted the major parameters and the critical success factors involved in the process.

He said that the exchange was fully prepared to meet the demutualisation challenges and the process would be completed according to the roadmap contained in the draft ordinance which was likely to be promulgated soon. Mr Jaffery also responded to several queries of the members.