Paramount Spinning Mills requests to hold de-listing shares from PSX

MG News | January 28, 2020 at 11:19 AM GMT+05:00

0:00

January 28, 2020 (MLN): Paramount Spinning Mills Limited (PASM) via notification to PSX, has requested to hold the de-listing of shares from Pakistan Stock Exchange Limited.

Due to severe financial crunch, the company asked PSX to waive off all penalties and charges keeping in mind of a previous track record of the Company.

To recall, the company was performing well and distributing dividend/bonus regularly. However, due to litigation with Financial Institutions, all the working capital lines were blocked by banks, therefore, the operations of the company gradually stopped and it incurred heavy losses and all the payments are stopped.

With regards to the latest development, Honorable Sindh High Court has approved the captioned Scheme of Arrangement vide judgment dated October 25, 2019. Moreover, the majority of banks have agreed on the term sheet. After restructuring, the stock will be released to the Company which will be in a position to settle all over dues.

Copyright Mettis Link News

Related News

Name	Price/Vol	%Chg/NChg
KSE100	134,299.77 290.06M	0.39% 517.42
ALLSHR	84,018.16 764.12M	0.48% 402.35
KSE30	40,814.29 132.59M	0.33% 132.52
KMI30	192,589.16 116.24M	0.49% 948.28
KMIALLSHR	56,072.25 387.69M	0.32% 180.74
BKTi	36,971.75 19.46M	-0.05% -16.94
OGTi	28,240.28 6.19M	0.21% 58.78

Symbol	Bid/Ask	High/Low

Name	Last	High/Low	Chg/%Chg
BITCOIN FUTURES	118,140.00	119,450.00 115,635.00	4270.00 3.75%
BRENT CRUDE	70.63	70.71 68.55	1.99 2.90%
RICHARDS BAY COAL MONTHLY	97.50	0.00 0.00	1.10 1.14%
ROTTERDAM COAL MONTHLY	108.75	108.75 108.75	0.40 0.37%
USD RBD PALM OLEIN	998.50	998.50 998.50	0.00 0.00%
CRUDE OIL - WTI	68.75	68.77 66.50	2.18 3.27%
SUGAR #11 WORLD	16.56	16.60 16.20	0.30 1.85%