The Securities and Exchange Commission of Pakistan(SECP) has finalised rules for companies to float different kinds of shares which may attract foreign investors who are more interested in dividend than voting rights.Under the new rules, the companies which in the past issued only one kind of shares, can offer a variety of shares to the public. SECP sources said the new rules entitled 'The Companies' Share Capital (Variation in Rights and Privileges) Rules 2000', announced on Monday provide for cumulative and non-cumulative preference shares, participatory and non- participatory preference shares and redeemable and irredeemable shares..According to sources, the new rules would also facilitate smooth privatisation of the units in the sense that in particular industries the government may be able to control management even though majority of shares have been disinvested. Conversely, sources added, the private sector would be able to control management even if it had not acquired
