PSX proposes compliance standards for mergers

MG News | October 08, 2024 at 10:14 AM GMT+05:00

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October 08, 2024 (MLN): The Pakistan Stock Exchange (PSX) is proposing to introduce specific compliance conditions for companies seeking to list following the approval of a Scheme of Arrangement for Merger, Amalgamation, Restructuring, or Reconstruction.

This is aimed at ensuring that these companies are treated on par with those applying for listing through an Initial Public Offering.

Besides the above, PSX is proposing to require that the opening price of the shares of the surviving entity on the first trading day should be publicly disseminated within five (05) working days from dissemination of certified true copy of the Order of the relevant competent authority sanctioning the Scheme but not later than the announcement of the final date of book closure by the listed company.

The opening price shall be duly certified by the auditor.

Moreover, PSX has invited all concerned to provide written comments on the proposed amendments in PSX Regulations in relation to this matter.

Notably, the comments can be submitted latest by October 15, 2024.

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