KARACHI: Wateen Telecom Limited has requested Karachi Stock Exchange (Guarantee) Limited to grant an extension upto end of September 2011 for submitting quarterly accounts and holding of board of directors meeting to consider half yearly accounts.
In response to the KSE notice for not submitting quarterly accounts and non-holding a board meeting, Wateen said that the telecom company had undergone a significant change in the management in the recent past which also changed the board structure.
The new management has taken over the company and inducted two new directors. In addition, the company was facing many challenging situations inter alia due to changes in the market dynamics, business projections and revenue streams etc.
Wateen said the new management and the present board bring along with them very comprehensive and significant experience of the telecom market and have previously successfully steered telecom undertakings through similar situations.
Similarly, the sponsoring shareholders also intend to inject further equity in future in order to support the business and various projects of the company like in the past. It will ultimately benefit all shareholders of the company.
Wateen said that there has been no willful or deliberate delay on the part of the management of the company and its board, keeping in view of the present circumstances.
Wateen said it will submit-the statutory returns/filings before end of September.
Copyright APP (Associated Press of Pakistan), 2011
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