KARACHI, Oct 11: The sponsors of companies who apply for buy-back of shares are required under the relevant regulations to repurchase shares from the public during the initial period of 60 days and thereafter for another period of one year subsequent to the delisting of companies from the stock exchange.

Moin M. Fudda, Managing Director of the KSE, who also acts as the chairman, voluntary delisting committee of the exchange, said on Monday. He stated that it was observed that in spite of issuing necessary notices and publication of details of buy-back of shares by the sponsors of companies, shareholders do not promptly avail of the opportunity of sale of shares during the specified time, and approach the exchange for assistance.

In such cases the exchange though forwards their request to the sponsors, but there is no binding on those companies in case the specified time of buy-back of shares has elapsed.

Fudda observed that it was the objective of the exchange to maintain the quality of listed securities and simultaneously create openings for induction of new companies with sound track record and to encompass larger public interest.

"The Exchange while allowing voluntary delisting of companies always takes into consideration the protection of the minority shareholders in the determination of buy-back prices," Fudda contended.

He identified some companies where shareholders could not avail the opportunity earlier to approach the sponsors and/or their purchase agent for buy-back of shares, the initial/final buy-back period of which was to end during 2004.

The following companies were in the process of buy-back of shares for an initial period of 60 days: Maqbool Company Limited with buy-back price of Rs102; purchase agent being Jan Mohammad A Latif Nini & Sons 21-22 Stock Exchange Building, Stock Exchange Road, Karachi. The company's 60 days' initial period was from Sept 11, 2004 to Nov 9, 2004.

The following companies had been delisted and the sponsors would purchase shares upto the date mentioned against each: To be read in the following order: date of de-listing; buy-back price; name of purchase agent and one year after initial 60 days: (1) Elite Publishers Limited; 09-12-2003; Rs 16.00; Jan Mohammad A. Latif Nini & Sons 21-22, Stock Exchange Building, Stock Exchange Road, Karachi and 11-11-2004 (2) Pakistan Fisheries Limited; 09-01-2004; Rs 10.00; Muhammad Hussain Abdul Karim; 53, Old Stock Exchange Building, Stock Exchange Road, Karachi and 09-12-2004.