The Lahore Stock Exchange (LSE) on Thursday signed an agreement with Rothschild of Britain and Abacus to appoint the latter as financial advisors for the demutualisation. LSE demutualisation committee convenor Afzal Rahat and Michael Helou of Rothschild inked the agreement.
Abacus Chief Asad Ali Khan, Lahore Stock Exchange (LSE) members and former chairman Syed Asim Zafar, Danish Beemji, Ahsan Raza and LSE members and brokers also attended. Syed Asim Zafar said the work on demutualisation had continued for the past three years and would be completed on time.
"Demutualisation is neither a new concept nor it means we are inventing something new rather it is being practised in the world for quite some time." Demutualisation is a future direction of stock exchanges under which they are run and managed by professional people.
"Through demutualisation we are transferring stock exchange from guaranteed limited to a public limited company, in which 60 percent of the shares will go to brokers and strategic investors," he said.
"After this process is completed, eventually we will be moved towards merger of the three stock exchanges of the country," he stated. Michael Helou of Rothschild and Asad Ali Khan of Abacus thanked the Lahore Stock Exchange (LSE) authorities for choosing their firms to act as financial advisors for the demutualisation.
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