Johnson & Phillips requests PSX to allow transfer of existing sponsor shares to new sponsor

MG News | November 28, 2019 at 05:19 PM GMT+05:00

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November 28, 2019 (MLN): On behalf of Johnson and Philips (Pakistan) Ltd., Reanda Associates Via notification to PSX informed that the shares of the Sponsors, Directors, & Senior Management of the Company have been frozen through PSX’s letters to Central Depository Company of Pakistan Limited (CDC) and C&K Management Associates Private Limited (C&K) under PSX regulations.

It is a matter of public record that the management of the Company has been taken over by the new sponsors and all the new requirements and approvals have been obtained from SECP.

In light of the proviso of PSX regulations, which is reproduced below and to give effect to the takeover, they humbly request PSX to allow the transfer of said blocked shares to the new sponsor.

“Provided that in case of change of management/revival of the company, the exchange may request CDC/ registrar to allow the transfer of such blocked shares to any other person(s) in the same form upon submission of a valid scheme of revival including supporting documents and agreements to the Exchange.”

The supporting documents for the revival plan are enclosed here.

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