Karachi June 30 2021: In continuation to Pakistan Stock Exchange PSX’s earlier announcements with respect to in-principle approval of PSX’s Board of Directors regarding the proposed demerger of PSX’s real estate from its operations, the Board has resolved to form a wholly-owned subsidiary of PSX for the purpose of demerger, instead of creating a sister concern owned by PSX’s shareholders.
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Accordingly, Pakistan Stock Exchange (PSX) PSX’s immovable properties and related arrangements will be transferred into a wholly- owned subsidiary (PropCo) against the issuance of shares of PropCo in favour of PSX through a Scheme of Arrangement under the relevant provisions of Companies Act, 2017, subject to requisite legal and regulatory approvals, including the shareholders approvals in their meeting.
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