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Pursuant to the Memorandum of Understanding signed by the Exchanges for the creation of the Pakistan Stock Exchange, the general body of the LSE has approved the Scheme of Integration of the LSE with the KSE as well as the consequential changes in the Memorandum and Articles of Association of the LSE to convert the residual Company in to a Non-Banking Finance Company as from the effective date to be announced by the SECP.
An Extraordinary General Meeting was held today to consider and adopt the special resolutions to approve:
- the Scheme of Integration of the LSE with the KSE,
- the change of name from LSE to ‘LSE Financial Services Ltd.’ and in order to effect such change,
- the amendments in the Memorandum and Articles of Association of LSE.
The meeting was chaired by Mr. Muhammad Naeem, Chairman LSE. The meeting was attended by the shareholders having 34% shareholding of LSE.
During the meeting, Mr. Muhammad Naeem, Chairman LSE placed on record his highest appreciation for the directors, Dr. Yasir Mahmood, Chairman of the Demutualization Committee and the Managing Director/CEO of LSE for their hard work and dedications in accomplishing this important task.
The Scheme will now be submitted to SECP for approval as per requirement of the Stock Exchanges (Corporatization, Demutualization and Integration) Act, 2012 for implementation.
