KARACHI: An extraordinary general meeting of the Karachi Stock Exchange (KSE) on Monday approved the resolution to change the name of KSE to Pakistan Stock Exchange.

The meeting adopted a Special Resolution, to approve the schemes of integration of KSE with Lahore Stock Exchange (LSE) and Islamabad Stock Exchange (ISE), and to affect such changes, approving the amendments in Memorandum and Articles of Association of KSE.

“The meeting was attended by over 34 per cent of KSE shareholders in person or through proxy,” a spokesman for the KSE said, adding that out of 11 directors, eight attended the meeting which was chaired by Muneer Kamal, chairman of the board of KSE.

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The KSE chairman explained that in view of consolidation of business of stock exchanges, all Trading Right Entitlement Certificates (TREC) holders of Lahore and Islamabad exchanges would be issued TREC of Pakistan Stock Exchange without any fee and they would be treated at par with existing TREC holders of KSE, by equally having direct access to KSE’s deep liquidity pool and trading platform.

He emphasised that with cessation of licences of LSE and ISE to function as stock exchanges, Pakistan Stock Exchange would emerge as the single national stock exchange “to serve investors in a seamless and efficient manner”.

The House unanimously approved the Special Resolution, as placed before it, without any change.

Published in Dawn, October 27th, 2015

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