After a marathon meeting spanning over four hours from 4:00pm, DSE President Shakil Rizvi disclosed the proposals at a press conference at the office of the premier bourse Monday evening.
All the directors of the DSE attended the meeting.
The proposals are directors and sponsors of all the listed companies will have to combinedly preserve minimum 30 percent shares in all the time of their respective companies, sponsors and directors of a company will only be able to sell their shares in block market instead of public market, the sponsors and directors of companies, who have less then 30 percent shares, will have to upgrade their total number of shares to 30 percent in the next six months and 15 percent in the next three months.
The proposals also include a general investor, who will hold five percent or above shares of a company, would be eligible to be a director of his or her company and there will be a minimum one director to be made from among the general investors in each company.
The DSE board meeting unanimously abolished all the committees except DSE audit committee and demutualization committee to expedite demutualization process. The board will however, form an executive committee later in this regard.
Those who sold shares through direct listing will buy their company shares without delay.
The DSE board has proposed for an acceptable solution within next three months regarding investment of those who raised capital through placement getting approval from the SEC.
It proposed valuation of banks’ portfolio or market exposure through calculation cost. For the latest updates on the stock market, visit Stock Market Today For the latest updates PRESS CTR + D or visit Stock Market news Today
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