ISLAMABAD, Jan 12: The Islamabad Stock Exchange (ISE) has elected five new directors for 2009.

An official announcement issued here stated that Lt-Col (retd) Chaudhry Iftikhar Ahmad, Farrukh Younus Khan, Mian Humayun Parvez, Waseem-ul-Haq Malik and Syed Mukhtar Hussain Jaffery have been elected with a heavy majority of votes in the 20th extraordinary general meeting of the ISE.

All the new directors have extensive experience of the capital market. The brokers’ community has welcomed the election of new directors, the official announcement says.

The ISE board comprises 10 directors. Five are elected amongst the stock exchange members while four directors of the exchange are nominated by the SECP.

The managing directors of ISE is the tenth director on the board by virtue of his office.

After the nomination of the nominee directors by the SECP, the board will be completed, which shall elect its chairman from amongst the nominee directors.