PSX to invest around PKR 69.4 million in NCCPL

By MG News | December 23, 2020 at 04:58 PM GMT+05:00

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December 23, 2020 (MLN): The Pakistan Stock Exchange intends to acquire 2,669,681 ordinary shares of Rs. 10 each in National Clearing Company of Pakistan Limited (NCCPL), from Pakistan Kuwait Investment Company (Private) Limited, a shareholder of NCCPL, at a price of Rs. 26 per share, amounting in aggregate to Rs. 69,411,706.

The Board of Directors of the Exchange, in its meeting held on December 23, 2020, approved the aforesaid acquisition, subject to the consent of shareholders of PSX.

Moreover, the Board of Directors approved the investment of Rs. 75 Million in the proposed venture being sponsored by Central Depository Company of Pakistan Limited, to act as a third party Clearing, Settlement and Custodial Services provider, with the view to implement the concept of the Professional Clearing Member (PCM), as envisaged by the Securities and Exchange Commission of Pakistan.

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