Karachi: It is hereby informed to all concerned that the following companies as a consequence of defaults under Listing Regulation No.30(1)(e) and 30(1)(g) have been advised to fulfill the requirements of the said Regulations by payment of Annual Listing Fee and induction of the Ordinary Shares of the Companies into CDS within 90 days i.e. upto July 30, 2012 as required under Listing Regulation No.30(2)(a).
|S. No.||Name of Companies||S. No.||Name of Companies|
|1||(Colony) Sarhad Textile Mills Limited||11||Mehr Dastgir Textile Mills Limited|
|2||Annoor Textile Mills Limited||12||Morafco Industries Limited|
|3||Asim Textile Mills Limited||13||Redco Textiles Limited|
|4||Bela Automotives Limited||14||S.S.Oil Mill Limited|
|5||Central Forest Products Limited||15||Saleem Denim Industries Limited|
|6||Dadabhoy Construction Industries Limited||16||Service Fabrics Limited|
|7||Globe Textile Mills Limited||17||Service Textile Industries Limited|
|8||Hamid Textile Mills Limited||18||Sind Fine Textile Mills Limited|
|9||Karim Cotton Mills Limited||19||Taj Textile Mills Limited|
|10||Khurshid Spinning Mills Limited|
In case the companies failed to rectify the defaults within stipulated time, necessary action will be taken as required under Listing Regulation No.30(2)(b) & (c). The Regulation is reproduced hereunder for information:
“30(2) (b) Upon failure of the company to rectify the default within the stipulated time period the Exchange shall immediately suspend trading in shares of the company and simultaneously issue compulsory buy-back directions to the majority shareholders/ sponsors having control of the company to provide all the shareholders an option for selling their shares to the majority shareholders/ sponsors and the shares tendered by the shareholders shall be purchased by the majority shareholders/ sponsors. The price for such buy-back of shares shall be fixed by the Exchange in accordance with Regulation 30-A.
(c) Upon completion of the compulsory buy-back of shares by majority shareholders / sponsors or failure of the company to comply with the compulsory buy-back directions within such reasonable time as may be specified by the Exchange in its notice, but not exceeding 90 days in total from the date of such directions, the company shall be delisted through a notice in writing by the Exchange under intimation to the Commission.
Provided that in case a company is also listed on another stock exchange in Pakistan but not in similar default as provided in Regulation 30(1)(e) above at such other stock exchange, the Exchange shall not issue any directions for compulsory buy-back of its shares and shall delist the company.
Provided further that if the company is in default as provided in Regulation 30(1)(e) at all the stock exchanges where it is listed, the compulsory buy-back directions shall be issued by all the stock exchanges in coordination with each other.”
For more information, contact:
S. Munawar Ali
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Category: General Business News