Karachi Stock Exchange (KSE) members on Thursday approved the amendments pertaining to appointment of non-member director as a chairman of the bourse for the year 2006.
An extra-ordinary general meeting was called to amend the rules and regulations, allowing the stock exchange to appoint a non-member as director. A resolution was passed unanimously in the meeting.
However, now the KSE would have non-member director for 2006. The board meeting is scheduled for April 11, in which five stock member directors and four non-member directors would cast vote to appoint a new chairman. The managing director is not entitled for voting.
It is learnt that Zaffar Khan, chairman of Pakistan Telecommunication Co, would be the new chairman of the country''s biggest exchange.
The three other non-member directors are Syed Tariq Kirmani, chairman and managing director of PIAC, Zakir Mahmood, president Habib Bank Ltd, and Asad Umer, chief executive of Engro Chemicals.
The board meeting on April 11 would also approve the new index of the Karachi Stock Exchange. The universe of the new index would comprise off 30 companies and the criterion defined for calculating the index would be on free-float basis, paring the MSCI index.
Moreover, it would also reflect the average market price of the companies identified for the index.
The five-stock broker directors include Siddiqui Dalal, Munir M Ladha, Zafar Moti, Abid Ali Habib and Haji Ghani Haji Usman.