KARACHI (February 09 2010): Karachi Stock Exchange (KSE) has invited bids for the purchase of membership right/seat of the exchange from the eligible individuals and corporate bodies, financial institutions and banks (local & foreign). In a notice issued here on Monday, the KSE said that any offer if accepted would be subject to the terms and conditions and the membership criteria of the exchange.

Any company or individual who fulfils the criteria and wants to take benefit of demutualization may send bid(s) under sealed envelope marked as "Bid for Membership Rights" addressed to the Managing Director of the exchange latest by February 22, 2010 up to 5pm along with pay order for advance payment of 10 percent against the amount offered and drawn in favour of Karachi Stock Exchange (Guarantee) Limited.

In case of non-acceptance of the offer, such amount would be refunded. The applicants selected for the membership will have to pay the balance amount of their bid within 5 working days from the date of demand by the exchange, failing which the advance payment will be forfeited by the exchange.

Copyright Business Recorder, 2010