LAHORE: The majority shareholders of Wateen Telecom Limited have applied for voluntary de-listing of the Company through buy-back of shares from the minority shareholders. The proposed buy-back transaction by the Company has been approved by the Listing Committee (LC) of the Exchange at a price of Rs. 4.50 per share subject to purchase of at least 92 million ordinary shares out of the total 284.181 million shares, outstanding with the shareholders other than sponsors, to qualify for delisting.
The purchase agent of the Company, Arif Habib Limited has purchased 215.411 million shares within a period of 60 days as per condition imposed by the Exchange. The Company has also complied with the procedure for voluntary de-listing under Listing Regulation No. 30-C of Lahore Stock Exchange. In view of the above, the Exchange has decided to de-list Wateen Telecom Limited from the Ready Board Quotation of LSE w.e.f. February 17, 2014. After the de-listing of Wateen Telecom Ltd. from the Lahore Stock Exchange number of listed companies will remain 434.
The shareholders of the Company who could not avail the opportunity earlier and desire to sale the shares are requested to approach the purchase agent, Arif Habib Limited, Arif Habib Centre, 23-M.T. Khan Road, Karachi, Phone: 021-32415213-15, Fax: 021-32429653.
Managing Director and Chief Executive Officer of Lahore Stock Exchange Mr. Aftab Ahmed Chaudhry congratulated the management and stakeholders of Wateen Telecom Limited for successfully completing the process of voluntary de-listing of the Company through buy-back of shares from the minority shareholders. MD also highlighted the steps taken by the LSE contributing to build a mechanism that has produced more transparency in the trading of the shares as well as to secure the investment of the investors. Lahore Stock Exchange is a fully electronic and completely automated stock exchange of Pakistan that is the only domestic exchange to have more than one trading floors in the region.