KSE approves SFL listing

Karachi Stock Exchange (KSE) has approved listing and quotation of ordinary shares of SFL Limited, subject to completion of regulatory requirements. According to KSE notice issued on Monday, KSE has approved the application for formal listing and quotation of ordinary shares of SFL Limited on completion of the relevant requirements under the Listing Regulations of the Exchange wef Monday, January 7, 2013.
SFL Limited is being listed on the exchange after the de-merger of Sapphire Fibres Limited under a scheme of arrangements sanctioned by the Honourable High Court of Sindh through its order dated April 28, 2011, whereby investments held by Sapphire Fibres Limited in certain associated companies were transferred to and vested in SFL Limited against issuance of the same number of shares of SFL Limited to the shareholders of Sapphire Fibres Limited.
KSE has notified that trading in the shares of the company will start on the Ready Board of the exchange from Monday, January 7, 2013 and all transactions taking place in respect of the above company shall be settled on T+2 settlement basis from the above date. The first settlement date will be January 9, 2013. The market lot of the company will be 500 shares of Rs 10/- each.
The shares of the company have already been declared eligible security by the Central Depository Company of Pakistan Limited (CDC) and all the transactions shall be settled through the National Clearing Company of Pakistan Limited (NCCPL), which has assigned Company Code/Security Symbol as 'SFLL" vide letter No NCCPL/CS/179/12 dated August 15, 2012.
SFL Limited has issued physical share certificates to its shareholders and the company through a notice published in newspapers on December 20, 2012 also circulated by the Exchange vide Notice No KSE/N-6097 dated December 20, 2012 has advised its shareholder to induct the physical shares into CDS for book entry transactions, Accordingly, the brokers have been advised to ensure availability of the ordinary shares of the seller in their respective account at the time of execution of trades.
The opening price of shares of the company will be the face value ie Rs 10 per share and circuit breakers of Rs 5 or 50% of the opening price whichever is higher will be applicable on the first day of trading and the normal circuit breakers will be applicable thereafter.