KARACHI – The Karachi Chamber of Commerce and Industry (KCCI) and Karachi Stock Exchange (KSE) have agreed to set up a joint platform and outline a concrete line of action to encourage the business community and traders to participate in trade listings and stocks.
At a time when the economy is facing hard times and with the cost of manufacturing and operation increasing with alarming frequency, the joint platform is seen as a farsighted exercise which will work towards the stabilisation of the business climate and would promote the culture of stocks.
These views were shared by KCCI President Saeed Shafiq and KSE acting Managing Director Haroon Askari, and other KSE directors and senior members in a meeting on Friday. The KCCI President suggested the formulation of a formal MoU for this joint promotion and assured his full cooperation in any future effort. Vice President Junaid Esmail Makda, also gave his consent to the affiliation and expressed his hope the stock market would be promoted to a wider strata of the business community.
Makda invited the KSE to hold discussion and seminars using the platform of the KCCI and to encourage participation. Welcoming the delegation, acting Managing Director Haroon Askari, briefed those present on the benefits and advantages of listing. He said that the credibility of a firm is tied to its listing and allowed the company to acquire wider exposure in terms of its brand and operations.
He emphasised that even small enterprises with a minimum paid up capital of Rs 10 million are eligible for listing through the OTC Market. KCCI assured the extension of cooperation to the exchange in achieving the objectives of both organisations and to develop a joint platform to encourage listing on the premier capital market of the country.
The meeting was also attended by Zafar Siddiq Moti, KCCI Managing Committee members and other representatives of the exchange.
