The Karachi Stock Exchange (KSE) has informed all concerned that following companies, pursuant to the requirement of Listing Regulation No 30(2)(a), have been instructed to fulfil the requirement of Listing Regulation No 30(1)(g) by induction of the Ordinary Shares of the Companies into CDS of the Central Depository Company of Pakistan (CDC) within 90 days ie up to March 21, 2012.
These companies include: Sardar Chemical Industries Limited, The Climax Engineering Company Limited, Shakarganj Foods Limited, Data Agro Limited, Khairpur Sugar Mills Limited, Gauhar Engineering Limited, Fatima Enterprises Limited, Fateh Industries Limited, Fateh Sports Wear Limited, Globe Textile Mills (OE) Limited, Hafiz Textile Mills Limited, Ishtiaq Textile Mills Limited, Khyber Textile Mills Limited, Noor Silk Mills Limited, Suhail Jute Mills Limited, Hallmark Insurance Company Limited, Unicap Modaraba, Ansari Sugar Mills Limited and Sakrand Sugar Mills Limited.
"In case the companies failed to induct their ordinary shares into CDS, action will be taken as required under Listing Regulation No 30(2)(b) and (c)", a KSE notice issued on Friday said, adding that 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 co-ordination with each other."
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