LAHORE - Pursua to Memorandum of Understanding signed by the Exchanges for creation of Pakistan Stock Exchange, the general body of LSE has approved the Scheme of Integration of LSE with KSE as well as the consequential changes in the Memorandum and Articles of Association of LSE to convert the residual Company into a Non-Banking Finance Company as from the effective date to be announced by SECP.

An Extraordinary General Meeting was held yesterday to consider and adopt special resolutions to approve the Scheme of Integration of LSE with KSE, change of name of LSE to ‘LSE Financial Services Ltd.’ and to affect 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 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 for the accomplishment of 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.