23 February 2005	Wednesday	13 Muharram 1426

KARACHI, Feb 22: The Karachi Stock Exchange has advised minority shareholders in companies that seek voluntary delisting and buy-back of shares, to avail the opportunity within the specified time-frame.

In a press release issued on Tuesday, KSE Managing Director Moin M. Fudda stated that it was the objective of the bourse to maintain quality of listed securities and simultaneously create openings for induction of new companies with sound track record and wider public interest.

The Exchange while allowing voluntary delisting of companies gives priority to protection of minority shareholders' interests in determining buy-back price, said the KSE.

The bourse stated that in spite of issuing necessary notices and publication of details of buy-back of shares by sponsors, many minority shareholders fail to seize the opportunity of sale of shares during the specified time and thereafter approach the Exchange for assistance. In such cases, the Exchange does forward their request to the sponsors, but there is no binding upon them to buy-back shares after the specified time.

The Exchange has advised shareholders of the following companies who could not avail the opportunity earlier to approach the sponsors and/or their purchase agent for buy-back of shares. The final buy-back period of these companies would be completed during the year 2005.

Sponsors would purchase shares up to the date mentioned against each: (tabulated in the following order: name of companies; date of delisting; buyback price; name of purchase agent; one year after initial 60 days): (1) Star Textile Mills Limited; 9-4-2004; Rs60; M. Nisar M. Usman (Ashrafi); 31, KSE Building; 28-2-2005. (2) Pioneer Cables Limited; 27-4-2004; Rs25.00; Pakistan Management & Services (Pvt) Limited, 1001-Uni Tower, Karachi; 17-3-2005. (3) Spencer & Co. (Pakistan) Limited; 11-5-2004; Rs200; Arif Habib Securities Limited, 60-63 KSE Building; 05-04-2005.

(4) Kotri Textile Mills Limited; 25-6-2004; Rs15; State Life Bldg No.6, Habib Square, Karachi; 09-4-2005; (5) Alhamd Textile Mills Limited; 11-6-2004; Rs42; Rafi Securities (Pvt) Limited, 518-520 KSE Building; 15-4-2005. (6) Indus Jute Mills Limited; 28-6-2004; Rs25; Dalal Securities (Pvt) Limited, 3, KSE Building; 20-5-2005. (5) Elite Textile Mills Limited; 26-7-2004; Rs15.00; BMA Capital Management Limited, 141 KSE Building; 18-6-2005. (8) National Security Insurance Company Limited, 26-7-2004; Rs4.50; Aiwan-e-Science, Off Shahrah-i-Roomi, Lahore; 25-6-2005 (9) Polypropylene Products Limited; 2-8-2004; Rs29; Sultan Gulamhusein Dattoo, 24-25 KSE Building; 31-7-2005; (10) Hamza Sugar Mills Limited; 6-9-2004; Rs80; A/22, Mauripur Road, S.I.T.E, Karachi; 31-7-2005.

(11) Bengal Fibre Industries Limited; 25-10-2004; Rs20.40; Bengal Fibre Ind. Alam Market, Saleh Mohammad Street, Karachi; 9-9-2005; (12) Tritex Cotton Mills Limited; 3-1-2005; Rs25.00; Arif H. Yousuf Saya, 125-126, KSE Building; 2-10-2005; (13) Zaman Textile Mills Limited; 27-12-2004; Rs65.00; Dalal Securities (Pvt) Limited, 3, KSE Building; 15-10-2005 and (14) Maqbool Company Limited; 17-1-2005; Rs102.00; Jan Mohammed A. Latif Nini & Sons (Pvt) Ltd, 21-22, KSE Building; 25-11-2005.

The KSE stated that under the relevant Regulations, sponsors of companies are required to buy-back shares for initial period of 60 days and thereafter for another period of one year subsequent to delisting.