LSE decides to suspend trading in shares of Suhail Jute Mills Ltd & instructed buy back shares

LAHORE: Further to our notice No. 8717 dated December 16, 2013, it is hereby informed to all concerned that Suhail Jute Mills Ltd. has failed to comply with the instructions of the Exchange to fulfil the requirements of Listing Regulation No. 30 (1)(e) i.e. payment of outstanding annual listing fee within 90 days i.e. up to March 17, 2014.

In view of the above and as required under the Listing Regulation No. 30 (2)(b), trading in the shares of the Suhail Jute Mills Ltd suspended, in exercise of the powers vested in the Exchange under Sub-Section (7) of Section 9 of the Securities & Exchange Ordinance, 1969 and Regulation No. 30 (2)(b) of the Listing Regulations.

The sponsors/majority shareholders of the Company are hereby directed to provide to all the concerned shareholders an option for selling their shares to them at a price to be fixed by the Exchange in accordance with Regulation No. 30-A of said Regulations followed by delisting of the companies.

In case of failure of the sponsors /majority shareholders of the company to comply with the compulsory buy-back direction up to May 16, 2014, the Exchange will proceed to delist such Company under the Listing Regulations. The case of the Company will also be forwarded to the SECP for initiating further action under the Companies Ordinance, 1984 against the Company/Management as may be deemed appropriate.

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