02 March 2005	Wednesday	20 Muharram 1426

KARACHI, March 1: Protection of interest of the minority shareholders is always a top priority of the Karachi Stock Exchange. This was stated by KSE Managing Director Moin M. Fudda here on Tuesday.

He said that it was desirable to allow sponsors of closely held, illiquid companies, to buy back the minority shareholding where there was little or no public interest. In this respect, the exchange has kept a vigil when deciding the buy-back price at which the sponsors desire to purchase the minority shareholding, said Mr Fudda.

The Voluntary Delisting Committee of the exchange in its meeting held on Tuesday considered the application of buy-back of shares by the sponsors and subsequent delisting of Crescot Mills Limited and endeavours to arrive at a mutually agreed fair buy-back price at Rs11 per share as against the offer of sponsors to buy back the shares at Rs5 per share.

On satisfactory completion of buy-back process and subsequent formalities thereof under the relevant Regulations of the Exchange, the company will be de listed. In order to facilitate those shareholders who may not be able to lodge their shares during the initial buy-back period, it will be binding on the sponsors of the company to buy back the shares at the prices fixed by the KSE, subsequent to de listing for a further period of one year, said the KSE MD. -APP