Petition filed against JS Investment regarding its share buyback scheme

By MG News | August 02, 2019 at 04:08 PM GMT+05:00

0:00

August 2, 2019 (MLN): JS Investment Limited has received an email today from Pakistan Stock Exchange regarding a petition filed by AKD Investments Management Limited, AKD Opportunity Fund and Golden Arrow Selected Stock Fund Limited.

According to a notice disseminated by the Company, the above mentioned petitioners have challenged the Company’s shares buy back approved unanimously on July 24, 2019 by the shareholders of the Company holding 84.679% of the total share capital. It is worthwhile to mention that the Buy Back purchase period has already commenced today on August 2, 2019.

JS Investments Limited itself has not so far received the Court Notice and the Constitutional Petition directly. Based on the information provided by PSX, the company is the process of obtaining a Certified Copy of the Order passed by the Court.

‘After evaluation of the same in detail along with seeking of the necessary legal advice, we will provide a further update on the matter', the notice said.

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