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Karachi Stock Exchange Delisting of Companies

Karachi Stock Exchange Delisting of Companies Delisting

6 replies to this topic

#1
Amin Khan

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    Karachi Stock Exchange Delisting of Companies

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    #2
    Amin Khan

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    Apr 23, 2012
    Delisting of Meezan Capital Protected Fund - 1


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    #3
    Amin Khan

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    The Karachi Stock Exchange (Guarantee) Limited’s voluntary delisting of Regent Textile Industries Limited
    Karachi: All the shareholders are hereby informed that the initial buy back period for purchase of shares of the Company by the Sponsors has already been expired on 16th April 2012. The remaining minority shareholders of the Company who could not avail opportunity earlier and desire to sale the shares are requested to approach the sponsors through their purchase Agent M/s TS Securities (Private) Limited Room No. 146, 3rd Floor, Karachi Stock Exchange Building Road, Karachi Tel: 021-32441105-32429124 Fax: 021-32412337 for the purpose.

    TS Securities (Pvt) Limited has submitted an undertaking to Karachi Stock Exchange for per share approved by the Exchange for further period upto 16-02-2012
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    #4
    Amin Khan

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    KSE moves to delist 126 defaulter firms
    May 21, 2012
    AHMED MALIK

    In a move to remove all non-performing companies from the bourse, the Karachi Stock Exchange (KSE) has initiated proceedings to delist 126 listed companies currently on the defaulters' counter, sources said.

    The process to delist these companies was likely to be completed in the next six months, they added.
    As many as 45 listed companies had already been delisted till April 27 of the current calendar year.

    The KSE data shows these non-performing 126 companies have been on the defaulters counter of the exchange for so many years and did not approach the exchange to rectify their defaults.After delisting, the KSE would forward such cases to the Securities and Exchange Commission of Pakistan (SECP) for initiating investigation and winding up process against these companies, sources said.Currently, there are 592 listed companies on the KSE.

    After the completion of the delisting process, the number of listed companies would be reduced to 466.However, there would be no significant impact on the total market capitalisation, as the prices of the shares of these companies are very low.

    The total market capitalisation is expected to reduce by mere 2-3 percent in case all these defaulter companies are delisted."There should be no company at the defaulters' counter for such a long period," an investors said.

    Either the companies at defaulters counter should rectify their defaults, otherwise they would be delisted from the exchange, he added."There would be no other option for these companies.

    No company would be allowed to remain on the default counter for (this) long," he said.According to the KSE regulations, these companies would be given sufficient time to rectify their defaults.

    These companies are being issued 90-day notices and after this period, another 90-day notice would be issued, asking them to rectify their defaults.After this period, defaulter companies that failed to rectify their default would be delisted.

    If they want to rectify their default even during the hearing, they would be welcomed by the exchange.

    "We want more companies listed on the exchange, but only well-performing ones," a KSE official said.Courts would decide the fate of companies that are in any litigation.The KSE had forwarded cases of recently delisted 26 companies to the SECP, and it is expected that the regulator would soon start investigation and winding up process against them.An investor said that non-performing companies carried risk that transferred from one investor to another as trading in the shares of these companies was allowed despite their being on the defaulters' counter.

    Buying shares of these companies was a risky investment, he added.

    The KSE moved to delist defaulter companies to safeguard investments, as "being a front-line regulator, it is responsibility of the KSE to protect investors' interest", the KSE official said.The prices of shares of majority of such defaulter companies are below par value of Rs10 some are even less than a rupee.
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    #5
    Lion Heart

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    KSE expels Pearl Capital Management

    KARACHI: The Karachi Stock Exchange (KSE) announced Pearl Capital Management (Pvt) Ltd, corporate brokerage house has been declared defaulter deemed as expelled from the Exchange with immediate effect for their repeated failure to comply with the instructions of the exchange to resolve the pending investors’/claim. Pearl Capital management has ceased to be a TREC holder of the exchange in view of the decision of the KSE. staff report

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    #6
    Lion Heart

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    Pearl Capital Management declared 'defaulter'

    The Karachi Stock Exchange (KSE) has informed all TREC holders and concerned persons that M/s Pearl Capital Management (Pvt) Ltd Corporate Brokerage House/Trading Rights Entitl-ement Certificate (TREC) holder of the Karachi Stock Exchange Ltd has been declared "Defaulter" deemed as expelled from the Exchange, with immediate effect, for their repeated failure to comply with the instructions of the Exchange to resolve the pending investors' complaints/claims.

    Accordingly, M/s Pearl Capital Management (Pvt) Ltd has ceased to be a TREC holder of this Exchange, a KSE notice issued here on Wednesday said. It must be noted that their declaration as Defaulter by the Exchange shall not affect the right of their creditors in any manner and the said corporate entity remains responsible for discharging all its financial obligations.

    It may be noted that the management of the Karachi Stock Exchange has decided to invite claims against M/s Pearl Capital Management (Pvt) Ltd - Defaulter Corporate Brokerage House TREC holder of KSE. All the TREC holders of the Exchange and investors/clients of the above referred brokerage house are requested to submit their claims arising out of the transaction(s) made subject to the regulations of the Exchange, if any, against the aforementioned brokerage house with CSIR department of KSE along with all the documentary evidences and duly filled Investors Claim Form which can be obtained /downloaded from KSE website by visiting the link "Investor Corner".

    Those who have already lodged their complaints/claims against the said brokerage house should not send their complaints again as these are already being processed by the Exchange. However, in case they need to submit additional evidences in support of their already lodged claims, they may submit relevant documents to the Exchange within specified time by specifically mentioning their assigned claim number against their claim as a reference.

    Karachi Stock Exchange Ltd will scrutinise all the Invited claims received with available records of TREC Holder, Central Depository Company and payments/ receipts proving documents including bank statements/letters/cheques to ascertain its legitimacy. In order to verify each claim and to ascertain its genuineness the Exchange may seek advice or employ the services of a reputed firm of chartered accountants.

    The Exchange reserves the right to take appropriate legal action against those who lodge false or fictitious claims. It may please be noted that last date for submission of claims/ complaints against M/s Pearl Capital Management (Pvt) Limited is Friday, November 02, 2012 after that no claim' shall be entertained by the Exchange.

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    Imran Mughal






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