24 February 2004	Tuesday	03 Muharram 1425

KARACHI, Feb 23: The Karachi Stock Exchange brokered the prices in four companies that offered to buy-back small shareholders' stake and seek de-listing from the exchange.

A statement released by the Karachi Stock Exchange on Monday said that a meeting was held by the relevant committee of the KSE on February 23. It considered applications of the sponsors for mutually agreed buy-back price and subsequent de-listing of companies under the relevant listing regulations of the exchange.

The four companies were: Bengal Fibre Industries Limited, which agreed to a buy-back price of Rs20.40 per share, as against Rs9.50 per share, offered by the sponsors; Indus Jute: the buy- back price was set at Rs25 per share against Rs15 per share, earlier offered by the sponsors; Orient Straw Board & Paper Mills Limited: the buy-back price was agreed at Rs25 per share against Rs8 per share, earlier offered by the sponsors; and National Security Insurance Company Limited: the buy-back price was Rs4.50 per share against Rs2 per share, earlier offered by the sponsors.

The KSE press release further stated that in order to facilitate those shareholders who might not be able to lodge their shares during the initial buy-back period, it would be binding on the sponsors of de-listed companies to buy-back shares at prices fixed by the KSE for a further period of one year.