Sapphire Textile Mills Limited’s Application for Listing on the KSE
Karachi: 1. This is with reference to the letter dated 13.5.2011 issued by the Karachi Stock Exchange Limited (“KSE”), addressed to the Company Secretary of Sapphire Textile Mills limited (SAPT) (“STML”) and bearing Ref. No.KSE/ C-419-3018.
2. Within the letter, the KSE has requested further information from Sapphire Holding Limited, (which has taken certain investments of STML by virtue of a scheme of arrangement recently sanctioned by the Sindh High Court through the order passed in J.M. 39/2010) so as to facilitate its listing on the KSE.
3. In this regard, please note that our position has already been made clear through letter issued by STML dated 15.3.2010 and addressed to the General Manager, KSE, wherein it is clarified that Sapphire Holding shall apply to the KSE for listing only once all four de-mergers mentioned therein (i.e. in relation to STML. Sapphire Fibers Limited, Diamond Fabrics Limited and Amer Cotton Mills (Pvt.) Limited,) are complete and the resulting holding companies have been subsequently merged into one or more company.
4. With this intent, the Board of Directors of Sapphire Holding Limited and S.F.L. Limited have already approved a scheme of amalgamation. It is expected that a petition under section 284 to 287 of the Companies Ordinance, 1984 will be filed shortly in the Hon’ble High Court of Sindh. This petition seeks to merge the two entities. Thus, neither Sapphire Holding Limited nor SFL Limited intends to apply to the KSE for listing at this time. It is the surviving entity which shall ultimately apply to the KSE for listing on the exchange.
5. We hope the above sufficiently clarifies our position. Please do not hesitate to contact us if you have any further queries.
For more information, contact:
Sapphire Textile Mills Limited
212, Cotton Exchange Building,
I.I. Chundrigar Road, Karachi (Pakistan)
UAN: +9221 111 000 100
Fax: +9221 2416705