Conversion of status: ISE transfers shares among 121 initial shareholders

Islamabad Stock Exchange (ISE) has completed the scheme of Corporatization, Demutualization and Integration Act of 2012 by transferring shares equally among the approved 121 initial shareholders of the Exchange.
According to an ISE announcement issued on Friday, the general body of exchange unanimously approved new Memorandum and Articles of Association of Islamabad Stock Exchange Limited for converting its status to company limited by shares, as approved by the Securities and Exchange Commission of Pakistan (SECP) in its meeting held on August 16 this year.
ISE submitted new articles along with other relevant documents to the Registrar. Within seven days of receipt of this information, the Registrar shall issue a certificate of re-registration to the stock exchange as evidence of its change in status. The directors of the stock exchange holding office on the date of Corporatization shall automatically cease to hold such office on receipt of the certificate of re-registration by the stock exchange and shall stand replaced by first directors. After the completion of this process, new directors of the exchange will be elected within 30 days of demutualisation.