960421

Bear Stearns

shares sold to

Karachi firm

KARACHI: The Bear Stearns & Co. Inc. has sold its ownership shares to the Karachi based brokerage firm Bear Stearns Jahangir Siddiqui Limited from Sunday (April 21).

According to a press release, the Company has been a joint venture among Jahangir Siddiqui, Bear Stearns Netherlands Holding B. V. (a wholly owned subsidiary of Bear Stearns & Co. Inc.) and the World Bank's affiliate the International Finance Corporation (IFC).

The company's name will revert to Jahangir Siddiqui & Company Limited after completing the necessary regulatory and legal formalities.

The Company would continue to provide corporate finance, financial advisory, research and institutional and retail equity and fixed income sales and trading services as in the past.-APP