Pakistan Stock Exchange Ltd has received interest from international companies including the Shanghai Stock Exchange to buy a stake, the head of the Pakistani stock exchange said on Monday.
The Pakistani stock exchange was looking for a strategic investor and in July invited companies to show interest in buying a stake of up to 40 %.
All interested parties would submit sealed bids by Oct. 21. Final outcome will be known by early November. Pakistani shares are trading at an all-time high, helped by an improving economy. Market capitalization from 558 listed companies is $77 billion.
Pakistani officials said the investor would have to buy at least 15 % but no higher than 40 %. If the sale involves a stake of anything in between, the bourse would have to sell the balance to other institutions to meet the 40 % cap.
Japan’s Nikkei newspaper first reported the interest of Shanghai Stock Exchange late on Sunday.###