Dar expresses satisfaction over divestment process facilitated by SECP

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Advises to keep national interest supreme, complete process speedily, assure transparency

Federal Minister for Finance Senator Ishaq Dar has expressed his satisfaction over the divestment process being facilitated by the Securities and Exchange Commission of Pakistan (SECP) and advised that the national interest should be kept supreme.

Chairing a meeting to review the progress regarding the divestment of shareholding of Pakistan Stock Exchange (PSX) here on Saturday, Dar emphasised on the process to be completed speedily and with complete transparency. He mentioned that with growing economic activity and business friendly policies of the government the capital market of the country possesses the potential of emerging as a regional investment hub.

During the meeting, chairman SECP briefed the Finance Minister and informed him about the overwhelming response received from foreign and local institutions against the Expression of Interest (EoI) invited by PSX. He was briefed that the received EoIs are currently being scrutinized by the SECP which will be followed by the due diligence, bidding process etc.

The SECP has held detailed consultative sessions with senior market professionals and experts who have endorsed institutional shareholding structure for the stock exchange, including local and foreign investors. This is expected to bring in the desired international expertise, technology, improved governance at the Board level and create international linkages for attracting foreign investment. The local institutional participation will assist in enhanced capital market outreach, local market knowledge and overall objective of the government for financial inclusion.

Finance Minister Ishaq Dar further emphasized that all necessary reforms be put in place to facilitate the market to grow to its full potential so that the benefits can be passed on to the economy. Finance Minister assured the government’s full support to the SECP in its reform initiatives.

The meeting was attended by senior officers of the Ministry of Finance and the SECP.