Bela Automotive requests PSX to remove from defaulters’ segment

February 09, 2022 (MLN): Bela Automotive Limited (BELA) has requested Pakistan Stock Exchange to remove the company from the defaulters’ segment of Exchange and issue no-objection certificate (NOC) for CDC registration as it has complied with the regulations of the listing of companies, the company’s progress report said today.

The company has made the required compliance and resolved pending issues that include:

• The company has made the payment of the outstanding amount of Rs614,900 up to June 30, 2021, including the SECP supervisory fee
• All pending Annual General Meetings (AGMs) were already held after the approval of the Securities & Exchange Commission of Pakistan up to June 30, 2021.

According to the notice, the principal line of business, commercial production will start the first week of March 2022. This will enable the company to restore trust in the market and with its old customers once again and help it revive the business at its normal capacity.

In view of the above compliances, BELA requests exchange that the trading of its shares be reinstated immediately.

“We are in the process to explore a prosperous or restructuring of the company or merger with a healthy company, the management is confident of favorable outcome,” the notice said.

The company has already applied to the Central Depository Company of Pakistan Ltd (CDC) for declaring the securities of the company for registration of BELA AUTOMOTIVES LTD ordinary shares in CDC through a letter dated July 31, 2019, which needs to be approved by the PSX after receipt of no objection from PSX to restoring the company on its Normal Trading Counter.

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