The Karachi Stock Exchange (KSE) has decided to delist 24 companies with effect from February 01, 2012. According to a notice issued here on Tuesday, these companies were under process of liquidation or liquidators have been appointed or the companies have already been dissolved previously.
The trading in the shares of these companies had already been suspended by the Exchange. And the Exchange has also invited objection (if any) from the concerned liquidators/companies to delisting of these companies vide its notice dated January 06, 2012.
"In response to above-referred notice, no objection of whatsoever nature has been received by the Exchange within the stipulated deadline. "Therefore, in pursuance of the above and after due consideration of facts and circumstances, the Exchange in exercise of its powers under Section 9(4) of the Securities and Exchange Ordinance, 1969 and Regulation No 30 of the Listing Regulations of the Exchange has decided to delist the following companies from the Exchange.
According to the KSE notice these companies are Alif Textile Industries Limited, Apex Fabrics Limited, Dadabhoy Leasing Company Limited, Delta Insurance Company Limited, Indus Polyester Company Limited, InterAsia Leasing Company Limited, Islamic Investment Bank Limited, Long Term Venture Capital Modaraba, Mehran Jute Mills Limited, Myfip Video Industries Limited, Norrie Textile Mills Limited, Pakistan Northern Insurance Company Limited, Rashid Textile Mills Limited, Schon Modaraba, Sterling Insurance Company Limited, Taga Pakistan Limited, Tawakkal Garment Industries Limited, Unity Modaraba, Uqab Breeding Farms Limited, Pak Ghee Industries Limited, Siftaq International Limited, Turbo Tec Limited, Valika Woollen Mills Limited and First Dadabhoy Modaraba.