One of the main objectives of the Karachi Stock Exchange (KSE) is to maintain the quality of listed security and simultaneously create openings for induction of new companies with sound track record and larger public interest. The Exchange while allowing voluntary delisting of companies always takes into consideration the protection of the minority shareholders, while determining the buy-back price, said KSE Managing Director and Voluntary Delisting Committee Chairman Moin M Fudda in a press release issued here on Tuesday.

According to release, Fudda said it had been observed that in spite of issuing necessary notices and publication of details of buy-back of shares by the sponsors of the companies, the shareholders lost the opportunity of selling shares during specified time, and approached the KSE for assistance.

In such cases, he said the Exchange though forwarded their requests to the sponsors; however, there was no binding in case the specified time of buy-back of shares was completed.

The release stated that the shareholders of the following companies who could not avail the opportunity earlier might approach the sponsors and/or their purchase agent for buy-back of shares, the final buy-back period of which was completing during 2005.

THE FOLLOWING COMPANIES HAVE BEEN DELISTED/ COMPLETED INITIAL BUY-BACK PERIOD AND THE SPONSORS WILL PURCHASE THE SHARES UPTO THE DATE MENTIONED AGAINST EACH:

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SR. No NAME OF COMPANIES             DATE OF     BUY-BACK   NAME OF PURCHASE AGENT            ONE YEAR AFTER

                                    DELISTING     PRICE                                      INITIAL 60 DAYS

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1  Star Textile Mills Limited        9-4-2004     60.00  M. Nisar M. Usman (Ashrafi)

                                                         31, Stock Exchange Building, Stock

                                                         Exchange Road, Karachi                    28-2-2005

2  Pioneer Cables Limited            27-4-2004    25.00  Pakistan Management & Services

                                                         (Pvt) Limited

                                                         1001-Uni Tower, I.I. Chundrigar

                                                         Road, Karachi                             17-3-2005

3  Spencer & Co (Pakistan) Limited   11-5-2004   200.00  Arif Habib Securities Limited

                                                         60-63, Stock Exchange Building

                                                         Stock Exchange Road, Karachi             05-04-2005

4  Kotri Textile Mills Limited       25-6-2004    15.00  State Life Building No 6, 3rd Floor,

                                                         Habib Square, M.A. Jinnah Road,

                                                         Karachi                                   09-4-2005

5  Alhamd Textile Mills Limited      11-6-2004    42.00  Rafi Securities (Pvt) Limited

                                                         518-520, Stock Exchange Building

                                                         Stock Exchange Road, Karachi              15-4-2005

6  Indus Jute Mills Limited          28-6-2004    25.00  Dalal Securities (Pvt) Limited

                                                         3, Stock Exchange Building,

                                                         Stock Exchange Road, Karachi              20-5-2005

7  Elite Textile Mills Limited       26-7-2004    15.00  BMA Capital Management Limited

                                                         141, Stock Exchange Building,

                                                         Stock Exchange Road, Karachi              18-6-2005

8  National Security Insurance       26-7-2004    4.50   Aiwan-e-Science, Off.

   Company Limited                                       Shahrah-i-Roomi, Lahore-54600             25-6-2005

9  Polypropylene Products Limited    2-8-2004     29.00  Sultan Gulamhusein Dattoo

                                                         24-25, Stock Exchange Building,

                                                         Stock Exchange Road, Karachi              31-7-2005

10 Hamza Sugar Mills Limited         6-9-2004     80.00  A/22, Mauripur Road, S.I.T.E.,

                                                         Karachi                                   31-7-2005

11 Bengal Fibre Industries Limited   25-10-2004   20.40  Bengal Fibre Ind. Alam Market, Saleh

                                                         Mohammad Street, Karachi                   9-9-2005

12 Tritex Cotton Mills Limited       3-1-2005     25.00  Arif H. Yousuf Saya

                                                         125-126, Stock Exchange Building,

                                                         Stock Exchange Road, Karachi              2-10-2005

13 Zaman Textile Mills Limited       27-12-2004   65.00  Dalal Securities (Pvt) Limited

                                                         3, Stock Exchange Building,

                                                         Stock Exchange Road, Karachi             15-10-2005

14 Maqbool Company Limited           17-1-2005   102.00  Jan Mohammed A. Latif Nini &

                                                         Sons (Pvt) Ltd 21-22, Stock Exchange

                                                         Building, Stock Exchange

                                                         Road, Karachi                            25-11-2005

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Copyright Business Recorder, 2005