The Karachi Stock Exchange (KSE) has decided to delist 21 companies from the Exchange with effect from March 26, 2012. According to a KSE notice, these companies were under process of liquidation or liquidators have been appointed. The trading in the shares of these companies had already been suspended by the Exchange.
The objections, if any, were invited from the liquidators/companies concerned to the delisting of these companies and in response no objection of whatsoever nature has been received by the Exchange within the stipulated deadline. "Therefore, in pursuance of the above and after due consideration of facts and circumstances, the Exchange, in exercise of its powers under Section 9(4) of the Securities and Exchange Ordinance, 1969 and Regulation No 30 of the Listing Regulations of the Exchange has decided to delist the Companies from the Exchange w.e.f. Monday, March 26, 2012" the notice added.
These companies are Adil Polypropylene Products Limited, Awan Textile Mills Limited, Bahawalpur Textile Mills Limited, Bela Engineering Limited, Colony Woollen Mills Limited, Crescent Spinning Mills Limited, First Tawakkal Modaraba, Harnal Woollen Mills Limited, Junaid Cotton Mills Limited, Karim Silk Mills Limited, Kausar Paints Limited, Modern Textile Mills Limited, Muslim Ghee Mills Limited, Pak Fibre Industries Limited, Pakistan Dairies Limited, Qayyum Spinning Limited, Saitex Spinning Mills Limited, Sind Alkalis Limited, Tariq Cotton Mills Limited, Tawakkal Limited and Tri-Star Shipping Lines Limited.