ISLAMABAD, Oct 16: The Securities and Exchange Commission of Pakistan (SECP) has disposed of two cases—one was a dispute between public listed companies and the Karachi Stock Exchange (KSE) and the other a complaint of three investors against a member of the KSE.

The Commissioner (Securities Markets), hearing the cases of Fazal Textile Mills and Universal Leather, which along with the KSE had requested the SECP to hear and resolve their dispute concerning the buy-back of shares and de-listing of the two companies, said an announcement issued here on Tuesday.

He observed that matters pertaining to the setting of fair value prices and the submission of proposals thereon for buy back were within the exclusive domain of managements to decide.

However, the Commissioner informed the managements of both Fazal Textile and Universal Leather that the interests of small investors should be of paramount concern when calculating the buy back price.

In pursuant to the foregoing observation, the management of Universal Leather agreed to increase their offer price to Rs80 plus eligibility for dividend for the year ended June 30, 2001.

Fazal Textiles, on the other hand, did not agree to an increase in their earlier offered price for buy back, and requested for withdrawal of its application for de-listing.

In this connection, the commissioner stated that the Enforcement Division of the SECP would monitor closely the activities of such companies with a view to taking necessary action in order to protect small investors.

During the hearing of the complaints of Zulfiqar Hussain Siddiqui, Mohammad Najmuddin and Khalid Ahmed Khan against Malik Rafi and Co (Member, KSE), the commissioner observed that a prima facie case had been made out by the complainants and the broker, warranting the appointment of an inspector to scrutinise the accounts and workings of Malik Rafi and Co and in particular, the activities of the complainants with respect to the broker as well as with one another.