LSE approves integration scheme

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Under the Memorandum of Understanding signed by the Exchanges for creation of Pakistan Stock Exchange, the general body of the Lahore Stock Exchange (LSE) on Wednesday approved the scheme of integration of LSE with KSE as well as the consequential changes in the Memorandum and Articles of Association of LSE to convert the residual company into a non-banking finance company at a date to be announced by the Securities and Exchange Commission of Pakistan (SECP).

An extraordinary general meeting was chaired by the LSE Chairman Muhammad Naeem to consider and adopt special resolutions to approve the scheme of integration of LSE with KSE; change the name of the LSE to ‘LSE Financial Services Limited’ and to affect such change, the amendments needed in the Memorandum and Articles of Association of LSE.

The meeting was attended by the shareholders holding 34 percent shares of LSE.

During the meeting, the LSE chairman praised the directors, Demutualization Committee Chairman Dr Yasir Mahmood, and LSE’s Managing Director/CEO for their hard work and dedication for the accomplishment of the task.

The scheme will now be submitted to the SECP for approval as per requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 for implementation.