Chinese consortium buys 40% stake in Pakistan stock exchange

A consortium of Chinese companies, including its three exchanges, has bought a 40% stake in Pakistan Stock Exchange (PSX) for US$85m. The bid was submitted on December 22 last year after PSX, formerly known as the Karachi Stock Exchange, announced a week earlier that it was looking to sell 40% equity stake held by existing shareholders. The bid submitted by Chinese Consortium emerged as the highest and most acceptable under the relevant regulations, the PSX said in a statement announcing the deal. The statement said that the consortium comprises of three Chinese Exchanges; Chin...