The 18th Annual General Meeting (AGM) of Islamabad Stock Exchange (ISE) was held here on Saturday for approval of annual accounts of the exchange. The meeting was chaired by Muhammad Sharif, Director, ISE, who also presented a brief review over the performance of the board of directors and the institution.
The general body approved the annual accounts of the exchange and appointed auditors for the ensuing year. The exchange earned a profit of Rs 39.29 million. The members elected five new directors for the 2007-08 term. The new Directors are Zahid Latif Khan, Muhammad Shabbir, Rafaqat Ali, Riaz Ahmed and Nooh Adnan.
Besides taking up regular items of the agenda, Mukhtar Hussain Jaffery, Convenor of Demutualisation and Corporatisation Committee, gave a detailed briefing to the members about the ongoing demutualisation and corporatisation progress.
He also briefed about major parameters and the critical success factors involved in the process. He said that the Exchange was fully prepared to meet the demutualisation challenges, and the process would be completed according to the roadmap contained in the draft Ordinance, which was likely to be promulgated soon. Jaffery also responded to queries of the members. The general body also formulated the Demutualisation Committee of the Exchange for the functions in terms of the Demutualisation Ordinance.
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