Delisting: Atlas Engineering to buy back shares

KARACHI: Atlas Engineering has agreed to buy back its shares from the market at Rs58 per share, according to a notice sent to the Karachi Stock Exchange (KSE) on Tuesday. KSE’s voluntary delisting committee had earlier asked Atlas Engineering to raise its offer to Rs58 per share to purchase at least 260,571 shares or 25% of total 1.04 million shares outstanding with the shareholders other than sponsors to qualify for delisting. The company’s stock price closed at Rs40 per share during trade at the bourse.

Published in The Express Tribune, November 16^th,  2011.