Islamabad Stock Exchange (ISE) held an Annual General Meeting of its shareholders, here on Tuesday. The AGM was held to consider and adopt a special resolution to approve the Scheme of Integration of ISE with KSE and change the name of ISE to ISE REIT Management Company Limited and to affect such change, approving the amendments in Memorandum and Articles of Association of ISE apart from its routine ordinary business.
The meeting of shareholders was attended by 49 percent of ISE shareholders in person or through proxy. Out of 11 Directors on the Board of ISE, nine attended the meeting. Moin M Fudda, Chairman of the Board, chaired the meeting and described briefly the background whereby the process of integration was undertaken as a result of a Memorandum of Understanding (MoU) entered into by the three stock exchanges on August 25, 2015.
Syed Mukhtar Hussain Jaffery, Chairman Demutualization Committee of ISE also briefed the general body that in view of consolidation of business of stock exchanges, all Trading Right Entitlement Certificates (TREC) Holders of ISE would be issued TREC of Pakistan Stock Exchange (PSE) without any fee and they shall be treated at par with all TREC holders of PSE, equally which will be a more vibrant trading platform. He said that after integration, the PSE will emerge as a sole Securities Exchange in Pakistan.
The shareholders raised certain questions on the integration process, which were answered "satisfactorily" by the Chairman Demutualization Committee and the management. The House them unanimously approved the special resolution, as placed before it, without any change.
The general body also applauded and placed on record the special thanks and appreciation for the hard work and efforts put in by the Chairman Demutualization Committee in particular and by the Committee, Members of the Board and the management in general. The participants wished growth and success for the envisioned Pakistan Stock Exchange that would unite and strengthen the securities industry and also accelerate the development of the capital market in Pakistan.-PR