Provisional listing of HBL approved

Karachi Stock Exchange (KSE) has approved the provisional listing and quotation of shares of Habib Bank Limited (HBL) consequent upon the approval of the offer of sale and completion of relevant requirements under the listing regulations of the exchange.
The provisional listing will take place on July 16 in accordance with the regulation for future trading in the Provisionally Listed Companies (FTPLC) 2002, the KSE said in its notice issued here on Tuesday. In accordance with Clauses 5 and 10 of the FTPLC, the following information is provided as per the time schedule submitted by the bank:
-- Name of the Bank: Habib Bank Limited.
-- Opening date of contract: July 16, 2007.
-- Closing date of contract: September 7, 2007.
-- Settlement date: September 12, 2007.
-- Market lot for trading: 100 shares of Rs 10 each.
-- Maximum number of shares that can remain outstanding at the close of any business day in any member''''s account: 1,035,000 shares.
-- Date of removal of the bank from the futures contract: September 10, 2007.
-- The bank is proposed to be formally listed with effect from September 10, 2007 and accordingly the trading in the shares of the bank will be shifted to Ready Counter under T+2 Settlement System from the said date. The first settlement date would be September 12, 2007. Notice of formal listing containing the relevant details will be issued separately.
All outstanding contracts, carried out under these regulations, will be settled on the settlement date and the members will not be allowed to transfer their positions to the Ready Clearing Board or any other board. The exchange may extend the date of settlement if the bank fails to credit/deliver the shares as per agreed time schedule.
A member of the exchange, entering into future trading in the bank, will have to comply with all the provisions contained in the FTPLC (as already notified and circulated among the members), including those relating to trading, deposits and margins and clearing & settlement and the trading in the shares of the bank will be governed by the said regulations. The National Clearing Company of Pakistan Limited has assigned Bank code/security symbol as "HBL".