KARACHI, Dec 28: The Voluntary Delisting Committee of the Karachi Stock Exchange here on Tuesday approved the buyback arrangement of minority shares by sponsors of Valika Art Fabrics and Sh. Fazal Rehman & Sons.

Both the companies are allowed to buy back shares from their shareholders at a minimum price of Rs37 and Rs20, respectively. Earlier, their sponsors had offered to buy shares at Rs10 and Rs16, which the committee did not approve and asked them to revise prices.

After the completion of entire process, shares of both the companies will be delisted from the trading board of the KSE. "It will be binding on both the companies to purchase the shares at the fixed price during one year," committee chairman and KSE managing director Moin M. Fudda said.