January 22, 2020 (MLN): The Listing & Voluntary Delisting Committee of the Exchange has revoked the Voluntary Delisting Application of Zahur Cotton Mills Limited.
As per details provided by the Exchange, the company has failed to convey their acceptance to the purchase price approved by the Exchange within 7 days, i.e. by December 30, 2019.
To recall, Zahur Cotton Mills Limited had applied for Voluntary Delisting from the Exchange. The Listing and Delisting Committee in its meeting held on December 20, 2019 decided to fix a buy-back price of PKR 10 per share.
The committee also decided that the Sponsors of the Company must increase their shareholding to 85% (i.e. purchase of 2,833,300 additional shares from minority shareholders) to qualify for delisting.
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