The Karachi Stock Exchange (KSE) is in the process of delisting seven companies on account of non-payment of dues of the exchange, failure to induct ordinary shares of the company into the Central Depository System (CDS) and for not holding annual general meetings (AGM), the KSE said in a statement on Thursday.
Six out of the seven companies being delisted belong to the textile sector. The KSE advised them on April 30 to rectify the default(s) within 90 days and later suspended trading of their shares directing their sponsors and/or majority shareholders to buy back shares from minority shareholders by August 30. Moreover, they were also advised to opt for voluntary delisting.
“Such companies have also deprived the minority investors of any return on investment,” the statement said.
“The exchange has decided to delist these companies in due course of time,” it said, adding that their cases are being forwarded to the Securities and Exchange Commission of Pakistan for initiating necessary action under the provisions of the Companies Ordinance, 1984. No company associated with the defaulted companies will be allowed listing in the future, the statement said.
The delisted companies include Annoor Textile Mills, Data Textiles, Hajra Textile Mills, Karim Cotton Mills, Khurshid Spinning Mills, Mehr Dastgir Textile Mills and Saleem Sugar Mills.
Published in The Express Tribune, November 23rd, 2012.
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