KARACHI, Feb 13: Spencer & Company (Pakistan) Limited and Pioneer Cables Limited have announced that the sponsors have decided to purchase all shares held by the minority shareholders.

Spencer & Co stated that Beach Luxury Hotel (Pvt) Limited, the sponsors of the company and/or the sponsor's nominees had decided to purchase all shares of the company "held by others".

The shareholders of the company had passed special resolution for de-listing of the company from the Karachi Stock Exchange at an extraordinary general meeting held on January 14.

According to the plan, Beach Luxury Hotel would buy back shares at Rs200 per share. "The purchase price has also been approved by the KSE in accordance with the Listing Regulations," the company stated and added the share purchase offer would be valid from January 14 to March 14, 2004, both days inclusive.

Pioneer Cables Limited stated that Pakistan Management & Services (Pvt) Ltd, the majority shareholders in the company had decided to buy back all 245,466 shares "held by others".

On January 7, 2004, the shareholders in Pioneer Cables had passed a special resolution at the extraordinary general meeting. The buyback price had been fixed at Rs25 per share, which the company said was approved by the KSE in accordance with the Listing Regulations. The share purchase offer is valid from January 15 to March 15, 2004.

The current market price of 10-rupee share in Spencer & Co is Rs200 and the company has a tiny paid-up capital of Rs15.42 million. Pioneer Cables is also currently trading at its buyback price of Rs25. The company has 3.5 million outstanding shares.