November 25, 2021 (MLN): Pakistan Stock Exchange (PSX) has initiated a process to delist Agro Allianz Limited (AAL) from the exchange, a notice issued by the exchange on Wednesday said.
The above action has been taken on account of failure of the company to rectify the defaults of clauses 5.11.1. (b), (c) & (d) of the PSX regulations, i.e., suspended commercial production/business operations in its principle line of business for a continuous period of one year, non-holding of annual general meetings and non-submission of annual audited accounts and/or to comply with the compulsory buy-back direction, despite lapse of considerable time was notified by PSX for information of all concerned.
As per the notice, AAL had until Wednesday, November 24, 2021, to notify if it had any objection to its proposed delisting from the exchange. However, AAL has neither communicated any objection nor has rectified any default.
The initiating of the delisting process is in line with the requirements of clause 5.11.2. (f) of the PSX regulations which states that:
“Upon completion of the buy-back process of shares by majority shareholders/ sponsors of the company or failure to comply with the compulsory buy-back directions or failure to rectify the non-compliance(s) within the timeframe specified under sub-clause 5.11.2 (e) or as otherwise specifically provided under sub-clauses to regulation 5.11.1 above, the exchange shall delist such company within 90 days through a notice in writing under intimation to the commission.”
Thus, in view of the above, the exchange is now initiating a process to delist AAL from the exchange.
The notice further stated that the case of AAL will be forwarded to the securities and exchange commission of Pakistan for initiating further action as deemed appropriate under clause 5.11.2(g) of the PSX regulations.
