The Karachi Stock Exchange Limited’s Goodluck Industries Limited-placement of the company in the defaulters’ segment under listing regulation no. 30 of the exchange
Karachi, December 06, 2012 (PPI-OT): It is hereby notified to all concerned that Goodluck Industries Limited as a consequence of default of Listing Regulation No. 30 (1) (g) of the Exchange i.e. failed to induct the ordinary shares of the company into CDS, will be placed in the Defaulters’ Segment w.e.f. Monday, December 10, 2012. Accordingly, the name of the company along with nature of default will be published separately in the Daily Quotations of the Exchange with effect from the date of its placement in the Defaulters Segment.
As required under Listing Regulation No. 30 (2) (a), the company is hereby instructed to fulfill the requirement of Listing Regulation No. 30 (1) (g) by induction of its Ordinary Shares into CDS of the Central Depository Company of Pakistan Limited within 90 days i.e. upto March 11, 2013.
In case the company failed to comply with the above requirements, action will be taken under Listing Regulation No. 30 (2) (b) and (e). The Regulation is reproduced hereunder for information;
“30 (2) (b) Upon failure of the company to rectify the default within the stipulated time period, the Exchange shall immediately suspend trading in shares of the company and simultaneously issue compulsory buy-back directions to the majority shareholders/ sponsors having control of the company to provide all the shareholders an option for selling their shares to the majority shareholders/ sponsors and the shares tendered by the shareholders shall be purchased by the majority shareholders/ sponsors. The price for such buy-back of shares shall be fixed by the Exchange in accordance with Regulation 30-A.
(c) Upon completion of the compulsory buy-back of shares by majority shareholders/ sponsors or failure of the company to comply with the compulsory buy-back directions within such reasonable time as may be specified by the Exchange in its notice, but not exceeding 90 days in total from the date of such directions, the company shall be delisted through a notice in writings by the Exchange under intimation to the Commission.
Provided that in case a company is also listed on another stock exchange in Pakistan but not in similar default as provided in Regulation 30 (1) (e) above at such other stock exchange, the Exchange shall not issue any directions for compulsory buy-back of its shares and shall delist the company.
Provided further that if the company is in default as provided in Regulation 30 (1) (e) at all the stock exchanges where it is listed, the compulsory buy-back directions shall be issued by all the stock exchanges in coordination with each other.”
All concerned are requested to note the above.
For more Information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136