Qatar, Turkey seek stakes in Pakistan bourse
Turkey and Qatar have been in initial talks with Pakistani officials for stakes in the country’s stock market.
Turkey and Qatar exchanges have been voicing “serious interest” in having stakes at Pakistan Stock Exchange, media reports said Tuesday.
Reports say while Qatar has confirmed the talks, Turkish bourse officials have yet to comment on the news.
Pakistan’s recent financial sector reforms appear to be attracting foreign investment and boosting the economy.
As part of the efforts, Pakistan’s main bourses have seen demutualization- a process through which a member-owned organization becomes a shareholder-owned company- to weaken the influence of stockbrokers and deepen the investor base.
Haroon Askari, deputy director of the Pakistan Stock Exchange, has said that as part of the market demutualization, the bourse needs to find a strategic investor to buy a stake of between 15 to 40 percent.
"We have had very serious interest from Istanbul Stock Exchange (and) Qatar Stock Exchange," Askari told Reuters.
This is while Qatar Stock Exchange chief executive Rashid al-Mansoori said the latest talks are still in infancy.
"They did visit us and discuss the matter but we did not discuss any stake or near future investment," al-Mansoori said. "We are focused now on further developing our cash market and introducing more products and tools for our local and international investors."
Reports say the worth of the Pakistani bourse, which has about 500 listed companies, is about $73 billion.
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