KARACHI, May 4: Sponsors of the Shafiq Textile Mills Limited would buy back shares at Rs200 per share. The Voluntary Delisting Committee of the Karachi Stock Exchange in its meeting held on Wednesday considered the application of buy-back of shares by the sponsors and subsequent delisting of the company, said a press release issued by the KSE on Wednesday.
The parties arrived at a mutually agreed fair buy-back price at Rs200 per share as against the offer of sponsors’ repurchase price of Rs110 per share.
The KSE press release stated that on satisfactory completion of buy-back process and subsequent formalities thereof under the relevant regulations of the KSE, the company would be delisted. In order to facilitate those shareholders who may not be able to lodge their shares during the initial buy-back period, it would be binding on the sponsors to buy-back shares at the price fixed by the KSE, subsequent to delisting, for a further period of one year, the KSE said.
