Borse Dubai in acquiring stake in demutualised Karachi exchange
28 Aug 2007
Dubai government-owned Borse Dubai, the recently formed holding company that consolidates the Dubai Government''s holding in the Dubai Financial Market and Dubai International Financial Exchange (DIFX) has expressed an interest in acquiring a stake in the Karach Stock Exchange, Pakisttan.
Borse
Dubai said yesterday that it would be interested in a stake acquisition in Pakistan''s
biggest stock exchange if its members vote to alter its structure to allow acquisitions
in it. In
June the Karachi Stock Exchange said it planned to list shares by year-end under
a plan requiring members to sell more than half their holding. The exchange may
sell more than 10 percent of its stock after its demutualisation and valuation. This
month Borse Dubai made a $3.98-billion bid for a controlling stake in the Sweden-bases
Nordic exchange OMX, which owns exchanges in Sweden, Denmark, Finland, Iceland
and the Baltic states, trumping an agreed deal value that Nasdaq had struck with
OMX.(See: Borse
Dubai outbids Nasdaq for Nordic exchange OMX at $3.98 billion)
