PSX to form a wholly-owned subsidiary to demerge real estate from regular operations
MG News | June 30, 2021 at 09:54 AM GMT+05:00
June 30, 2021 (MLN): The Board of Directors of Pakistan Stock Exchange (PSX), in its meeting held on June 29, 2021, has resolved to form a wholly-owned subsidiary of PSX for the purpose of demerger of its real estate from its operations, instead of creating a sister concern owned by its shareholders.
Accordingly, PSX’s immovable properties and related arrangements will be transferred into a wholly-owned subsidiary (PropCo) against the issuance of shares of PropCo in favour of PSX through a Scheme of Arrangement under the relevant provisions of Companies Act, 2017, subject to requisite legal and regulatory approvals, including the shareholders' approvals in their meeting.
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