LAHORE: Lahore Stock Exchange Limited after due consideration of facts and in exercise of the powers vested in it under Section 9(4) of the Securities & Exchange Ordinance, 1969 and Listing Regulations of the Exchange has decided to delist Saif Nadeem Kawasaki (SNK) Motors Limited from the Ready Board Quotation of the Exchange w.e.f. June 02, 2014.
The LSE spokesman said here Monday that SNK Motors Limited was listed at the LSE in 1982 and its total paid up capital was Rs 25.830 million, however, the company was under violation of Listing Regulations No. 30(1)(b)(d)(e)(g) of the Exchange i.e. non-holding of AGM, had gone into liquidation though Court Order, non-payment of annual listing fee of the Exchange and fail to join CDS.
Trading in the shares of the Company has already been suspended w.e.f. August 16, 2010 on the order of SECP. Joint official liquidators for the Company have been appointed vide winding-up Order of the Peshawar High Court received from SECP through letter No. EMD/233/453/2002-944.
Moreover, First Habib Bank Modaraba (FHBM) had gone into voluntary winding-up under Listing Regulation No. 30(1)(c) of the Exchange. The certificate holders of FHBM through a special resolution adopted in the Extra Ordinary General Meeting held on March 27, 2014 resolved that the Modaraba be wound up voluntarily and appointed Aslam Gadit as official liquidator. Trading in the certificates of Modaraba, he said, had already been suspended w.e.f. March 28, 2014 under the Listing Regulations.
In view of the above, Lahore Stock Exchange Limited after due consideration of facts and circumstances and in exercise of the powers vested in it under Section 9(4) of the Securities & Exchange Ordinance, 1969 and Listing Regulations of the Exchange has decided to delist First Habib Bank Modaraba from the Ready Board Quotation of the Exchange w.e.f. June 02, 2014.
After de-listing of these two companies number of listed companies at LSE would reach 432.
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