Suspension of trading in the ordinary & preference shares of Saleem sugar mills limited under listing regulation
Karachi: It is hereby informed to all concerned that Saleem Sugar Mills Limited has committed default under Listing Regulation No.30(1)(b) i.e. failed to hold the Annual General Meetings for two years. The company has also committed defaults under Listing Regulation No.30(1)(e) & No.30(1)(g); failed to pay the Annual Listing Fee since July 1, 1997 and failed to join Central Depository System of Central Depository Company of Pakistan Limited, respectively.
Pursuant to the requirements under the Listing Regulation No.30(1)(b)(i), trading in the shares of the Company will be suspended w.e.f. Wednesday, May 2, 2012 in exercise of the powers vested in the Exchange under Sub-Section (7) of Section 9 of the Securities & Exchange Ordinance, 1969 and the Listing Regulations of the Exchange.
The Company will be required to rectify the defaults within 90 DAYS i.e. upto July 30, 2012, failing which, the Exchange shall proceed to delist the Company from the Exchange in accordance with the Listing Regulations.
The case of the Company is also being forwarded to the Securities & Exchange Commission of Pakistan (SECP) for initiating further action under the Companies Ordinance, 1984 against the Company / management as may be deemed appropriate.
The Company pursuant to the above Listing Regulation may opt for voluntarily delisting through buy-back of shares of the minority shareholders by the sponsors / majority shareholders in accordance with Listing Regulation No.30-A, if it is so desired.
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