While accepting the request of Elixir Securities Limited, the lead manager to the offer for sale of shares of Pakistan Petroleum Limited (PPL), the Lahore Stock Exchange (LSE) has extended the date for formal listing of PPL at the exchange from 13th to 16th of September.
According to an LSE circular, the lead manager has sought extension in time for meeting the prescribed requirements of formal listing of the company, including dispatch of shares to the applicants.
Due to above reason, the LSE, in accordance with the regulation 5 & 10 of the Regulations for Futures Trading in the Provisionally Listed Companies, 2002, has revised the schedule of trading of PPL, it added.
Now the company is proposed to be formally listed with effect from Thursday, September 16, and accordingly the trading in its shares will be shifted to ready counter of T+3 settlement system from the said date. The first settlement would take place on September 21.
All outstanding contracts carried out under these regulations will be settled on the settlement day and members will not be allowed to transfer their positions to the ready clearing board or any other board, the circular pointed out.
As per earlier schedule announced by the LSE, the date of formal listing of PPL was 13th of September, while the first settlement was fixed for 16th of this month.
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