Committee of exchange approves voluntary delisting and buy-back of shares of Zahur Cotton Mills

MG News | December 23, 2019 at 12:41 PM GMT+05:00

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December 23, 2019 (MLN): The listing & Voluntary Delisting Committee of the Exchange in its meeting held on 20^th December has approved the minimum buy-back price of PKR10 per share of the company Zahur Cotton Mills Limited with the reference to the voluntary delisting application dated May 8, 2017.

The committee has determined that the Sponsors must increase their shareholdings and bring it up to at least 85% of the total shares outstanding i.e. the Sponsors must acquire at least 2833300 ordinary shares during the initial buy-back period of 60 days to qualify for delisting.

As per PSX regulation, the sponsors are required to convey their acceptance/refusal to the purchase price approved by the Exchange till December 27, 2019.

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