China's three major stock exchanges are jointly bidding to buy 40 percent stake in Pakistan Stock Exchange (PSX), people familiar with the matter have said.

These three stock exchanges include the Shenzhen Stock Exchange, Shanghai Stock Exchange (SSE), and China Financial Futures Exchange. A source, who works with Shanghai Stock Exchange, claimed that SSE and two other bourses have already submitted a letter of intent to the PSX.             

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The source told China Daily that the acquisition is still underway and more details will be revealed by all the three companies at an appropriate time, or when the acquisition is successfully completed. If the deal pushes through, it would be the first by Chinese bourses of any foreign stock exchange.

All the three exchanges have so far refused to comment on the report. There has not been any response from Pakistan Stock Exchange as well.       

Meanwhile, a source working with Shenzhen Stock Exchange told China Daily that "there is nothing I can say about this deal at the current stage."

The latest report about Pakistani bourse's acquisition comes barely months after Reuters reported that the SSE has submitted a letter of intent to acquire a substantial stake in the PSX. 

However, Chinese bourses are not the only one interested in buying stake in PSX. The PSX has reportedly received letters of intent from several exchanges, including one from an exchange in the Middle East.

The PSX was formed after merging three of the country's leading stock exchange, namely, Lahore, Karachi, and Islamabad stock exchanges. 

TagsPakistan Stock Exchange, Pakistan and China, Shanghai Stock Exchange, Shenzhen Stock Exchange