KARACHI, Sept 27: Anwar Textile Mills Limited announced that two majority shareholders would buy back shares held by all other stakeholders at Rs80 per share.

In an announcement on Thursday, the company said that the shareholders had passed a special resolution for delisting of the company from the Karachi Stock Exchange at the Extraordinary General Meeting of stakeholders held on September 25.

Majority shareholders — S.M. Afzal and S.M. Yaseen — had offered to buy back shares held by all other shareholders and the price of Rs80 per share was stated to have also been approved by the KSE, in accordance with listing regulations.

The share repurchase offer is valid from September 27 to November 25, 2002, both days inclusive. “After this period, it is intended that the company will be delisted from the KSE,” company stated in its press release.

Anwar Textile Mills Limited is listed with a tiny capital of Rs4 million. The stock is currently quoted at Rs57.10; the company had paid cash dividend at 20 per cent for each of the past two years: 2002 and 2001. Given the small number of outstanding shares — a large portion of which ought to be held by the two majority shareholders — it should be relatively easy for them to buy back the remaining equity.