June 28, 2022 (MLN): Pakistan Stock Exchange (PSX) has directed the sponsors/majority shareholders of Saudi Pak Leasing Co. Ltd (SPLC) to provide all the concerned shareholders an option for selling their shares to them at a price to be fixed by the Exchange in accordance with clause 5.14 of the PSX Regulations, a notice issued by PSX said today.
“In case of failure of the sponsors/ majority shareholders of the company to comply with the compulsory buy-back directions and/or failure to comply with the requirements of the PSX Regulations or failure to rectify the non-compliance(s) within a period 90 days i.e., up to Thursday, September 22, 2022, the Exchange will proceed to delist the company u/c 5.11.2. (f) of the PSX Regulations’, it added.
The case of the company, u/c 5.1 1.2. (g) of the PSX Regulations, will also be forwarded to the Securities & Exchange Commission of Pakistan for initiating further action as deemed appropriate under relevant provisions of the Securities Act, 2015 and the Companies Act, 2017.
It is pertinent to note that despite the lapse of considerable time and various reminder notices by the exchange for compliance deadline, the company has failed to rectify the default (s), particularly of clause 5.11.1. (j) of the PSX Regulations i.e., its license as NBFC has been canceled within the timeline specified under the PSX Regulations.