KSE approves buyback plan

The Karachi Stock Exchange (KSE) on Wednesday approved the buyback plans of Chenab Textile Mills Limited and Associated Industries Limited.
The Voluntary Delisting Committee of the KSE approved the offer of the sponsors of Chenab Textile Mills to purchase the shares at the minimum purchase price of Rs 42 per share subject to purchase of at least about 20 percent ie 29,140 ordinary shares out of the total 145,700 shares, outstanding with the shareholders other than sponsors, to qualify for delisting, said an official statement of the KSE.
The said committee has also approved the offer of the sponsors of Associated Industries Limited to purchase the shares at the minimum price of Rs110 per share subject to purchase of at least about 25 percent ie 73,590 ordinary shares out of the total 294,360 shares, outstanding with the shareholders other than sponsors, to qualify for delisting, added the statement.