Lahore Stock Exchange imposes Penalty of Rs. 1,000,000 on BYCO Petroleum Pakistan Limited for change in Financial Results for Quarter ended March 31, 2015

Lahore, May 08, 2015 (PPI-OT): Reference BYCO Petroleum Pakistan Limited letter dated April 30, 2015 received on May 04, 2015 communicating the financial results of the company for the quarter ended March 31, 2015 which was received at 9:47 am. Subsequently, M/s. Byco Petroleum Pakistan Limited [“BYCO”] communicated the revised financial results vide letter dated May 04, 2015 at 3:00 pm i.e. after a lapse of more than five hours, wherein the Earning per Share was changed from Rs.1.53 to Re. 0.42 in the unconsolidated three months quarterly accounts for the period ended March 31, 2015.

It has been noted with serious concern that the Company has failed to exercise due diligence while communicating such price sensitive / material information with the Exchange and has completely ignored its impact to the market. It is observed that as such BYCO has violated Listing Regulation No. 16(3) of the Exchange and the Exchange has taken strict notice of the same.

Therefore, the Exchange has imposed penalty amounting to Rs. 1,000,000/- (one million) upon the Company according to Listing Regulation No. 16(3) of the Exchange and asked the company to pay the penalty to the Exchange in respect of above mentioned violation.

For more information, contact:
Barkat Ali Anjum
Deputy Manager-Media and Public Relations Department
Lahore Stock Exchange (LSE)
Lahore Stock Exchange Building,
19, Khayaban-e-Aiwan-e-Iqbal, P. O. Box: 1315,
Lahore – 54000, Pakistan
Tel: +92-42-36368000
Fax: +92-42-36368484-85
Email: barkatali@lse.com.pk
Website: www.lse.com.pk