KARACHI (July 29 2003) : The Karachi Stock Exchange (KSE) has asked the three of the four top contenders to match the highest offer of Pak-Kuwait Investment Co to get membership rights of the bourse, sources close to market said.
The KSE during last fortnight had asked the corporate bodies, financial institutions and banks to send their offers to buy membership rights at the exchange aimed to broaden base and use funds to upgrade trading system.
The KSE received 15 applications from banks, financial institutions and other entities, where highest bid was offered by Pak Kuwait Investment Co valuing Rs 34.75 million to buy membership rights at the market.
The exchange would utilise the funds to upgrade the trading system, making them more efficient, an analyst said.
It would also broaden the research base of the capital market as institutions would encourage more research analysts to join the team, creating awareness among the investors.
The management is likely to send letters to Bank Al-Habib, Orix Investment Bank and MI Securities, the three contenders, to match the ceiling of the highest bidder.
The KSE had received following bids: Pak-Kuwait Rs 34.75 million; Bank Al Habib Rs 31.00 million; Orix Investment Bank Rs 30.250 million; M I Securities (Junaid & Farooq) Rs 30.00 million; Habib Bank AG Rs 28.00 million; Saudi-Pak Commercial Bank Rs 28.00 million; Amanullah Khanani Rs 27.60 million; Invest & Finance Securities Rs 26.786 million; Yusuf Yakoob Poliya Rs 26.50 million; First Al Noor Modaraba Rs 26.50 million; Azeem Bilwani Rs 25.50 million; Khawja Amir Ishaq Rs 25.00 million; Speedway Rs 25.00 million; Noman Abid Rs 25.00 million; and First General Leasing Modaraba Rs 23.60 million.