KARACHI: The Pakistan Stock Exchange (PSX) on Friday received around Rs 8.9 billion from the Chinese Consortium against selling of its 40 percent stakes for Rs 28 per share, which would be divided into 200 members. As per deal, four Chinese directors would be included in the PSX board and the decision in this regard would be taken in the next board meeting which is likely to be held in the end of March 2017, said Chairman stock market’s divestment committee, Shahzad Chamdia while confirming the transaction to the Daily Times. According to KSE Stockbrokers’ Association President Yasin Lakhani, the amount received from Chinese consortium would be transferred in to the respective accounts of 200 members (Rs 4.48 million each) of PSX on Monday. Furthermore, the sale of 40 percent stakes in PSX to Chinese consortium would be followed by selling of 20 percent shares to general public through Initial Public Offer which is expected to be held by June this year. The Chinese Consortium comprises of three Chinese Exchanges, including China Financial Futures Exchange Company Limited (being the lead bidder), Shanghai Stock Exchange, and Shenzhen Stock Exchange. The Consortium had acquired 35 percent stakes through bidding process while rest 10 percent were acquired by two local Financial Institutions, Pak China Investment Company Limited and Habib Bank Limited, 5 percent each. Apart from the strategic investors, other bidders who submitted bids for 5 percent shares were National Bank and Habib Metropolitan. The other consortium of strategic investors Markhor Consortium comprising Nasdaq, two UK based funds and local financial institutions MCB and Faysal Bank had opted to withdraw from the bidding process. Some 17 entities had expressed desire to purchase PSX shares initially in response to PSX invitation. Earlier, in January 2016, in first phase of Stock Exchanges Corporatization, Demutualization and Integration program in January 2016, three local bourses Karachi Stock Exchange, Islamabad Stock Exchange and Lahore Stock Exchange were integrated into the Pakistan Stock Exchange. Pakistan Stock Exchange (PSX) sell-off has provided additional impetus not only in the form of improved Capital Adequacy but also improved foreign participation.