The Karachi Stock Exchange (Guarantee) Limited’s instruction for induction of ordinary shares of the companies into CDS under listing regulations of the exchange

Karachi: It is hereby informed to all concerned that the following companies pursuant to the requirement of Listing Regulation No. 30 (2) (a) have been instructed to fulfill the requirement of Listing Regulation No. 30 (1) (g) by induction of the Ordinary Shares of the Companies into CDS of the Central Depository Company of Pakistan Limited within 90 days i.e. up to March 21, 2012.

01. Sardar Chemical Industries Limited
02. The Climax Engineering Company Limited
03. Shakarganj Foods Limited
04. Data Agro Limited
05. Khairpur Sugar Mills Limited
06. Gauhar Engineering Limited
07. Fatima Enterprises Limited
08. Fateh Industries Limited
09. Fateh Sports Wear Limited
10. Glob Textile Mills (OE) Limited
11. Hafiz Textile Mills Limited
12. Ishtiaq Textile Mills Limited
13. Khyber Textile Mill Limited
14. Noor Silk Mills Limited
15. Suhail Jute Mills Limited
16. Hallmark Insurance Company Limited
17. Unicap Modaraba
18. Ansari Sugar Mills Limited
19. Sakrand Sugar Mills Limited

In case the companies failed to induct their ordinary shares into CDS, the action will be taken as required under Listing Regulation No. 30 (2) (b) and (o). The Regulation is reproduced hereunder for information:

“30 (2) (b) Upon failure of the company to rectify the default within the stipulated time period the Exchange shall immediately suspended trading in shares of the company and simultaneously issue compulsory buy-back directions to the majority shareholders / sponsors having control” of the company to provide all the shareholders an option for selling their shares to the majority shareholders / sponsors and the shares tendered by the shareholders shall be purchased by the majority shareholders / sponsors, The price for such buy-back of shares shall be fixed by the Exchange in accordance with Regulation 30-A.

(c) Upon completion of the compulsory buy-back of shares by majority shareholders / sponsors failure of the company to comply with the compulsory buy- back directions within such reasonable time as may be specified by the Exchange in its notice, but not exceeding 90 days in total from the date of such directions, the company shall be delisted through and notice in writing by the Exchanges under intimation to the Commission.

Provided that in case a company is also listed on another stock exchange in Pakistan but not in similar default as provided in Regulation 30 (1) (e) above at such other exchange, the Exchange shall not issue any directions for compulsory buy-back of its shares and shall delist the company.

Provided further that if the company is in default as provided in Regulation 30 (1) (e) at all the stock exchanges where it is listed, the compulsory buy-back directions shall be issued by all the stock exchanges in coordination with each other.”

All concerned are requested to note the above.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136

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