LAHORE: Lahore Stock Exchange (LSE) delisted the Mustehkam Cement Limited from Ready Board Quotation of the Exchange due to merger of the Mustehkam Cement Ltd. with and into the Bestway Cement Limited w.e.f. December 26, 2013. The shareholders of Mustehkam Cement Limited in their Extra Ordinary General Meeting (EOGM) held on May 06, 2013 has approved the Scheme of Arrangement for the Merger of Mustehkam Cement Limited with and into Bestway Cement Ltd. Islamabad High Court vide its Order dated September 30, 2013 has approved the Scheme of Arrangement.
As per Scheme of Arrangement the shareholders of Mustehkam Cement Ltd. will be allotted shares of Bestway Cement Ltd. in a swap ratio of 1:0.66.The register of shareholders of Mustehkam Cement Ltd. has been finally closed on October 14, 2013. In view of the above, Lahore Stock Exchange has decided to delist Mustehkam Cement Ltd. w.e.f. December 26, 2013.
After the delisting of this company from Lahore Stock Exchange number of listed companies will remain four hundred thirty four (434).
Managing Director and Chief Executive Officer of Lahore Stock Exchange Mr. Aftab Ahmed Chaudhry congratulated the stakeholders of the Mustehkam Cement Limited on successfully merger in to the Bestway Cement Limited. 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.