In a move made public on Saturday, Chinese Consortium comprising of China Financial Futures Exchange Company Limited (lead bidder), Shanghai Stock Exchange and Shenzhen Stock Exchange acquired controlling shares in the federal finance minister Ishaq Dar.
The acquisition of controlling shares comes hot on the heels of the acquisition of 40% of the Pakistan Stock Exchange (PSX) last month by the same consortium.
“The current buyout is Dar-specific,” said Khurram Hussain, leading financial journalist. “But the consortium and several other competitors from within China are also mulling the option of undertaking the more expensive option of getting the same proportion of shares in the office of the federal finance minister itself.”
As minority stakeholder, the Government of Pakistan will also be present on board meetings, ensuring that the finance minister also watches out for the interests of Pakistan.
As is the norm after such acquisitions and takeovers, there will be some downsizing. Analysts predict that by June, 2017, Dar will not immediately call the prime minister back on the telephone and will stop picking up the calls on interior minister Chaudhry Nisar to begin with.
