The Karachi Stock Exchange’s buy-back of shares by the sponsors of Southern Networks Limited
Karachi, September 18, 2012 (PPI-OT): Please refer to our application for buy-back of shares by the sponsors and subsequent delisting of the Company and the discussion held at the Committee meeting of the Exchange today.
We hereby convey our revised offer for buy-back of shares of the Company at Rs. 3/- per share by the sponsors.
Voluntary Delisting of Your Company
In accordance with Listing Regulation No. 30-A (ii), we are pleased to inform you that the Voluntary Delisting Committee of the Exchange has approved the revised offer of the sponsors to purchase the ordinary shares at a minimum buy-back price of Rs. 3/- per share, subject to purchase of at least 2,161,000 ordinary shares out of the total 10,808,168 ordinary shares outstanding with the shareholders other than sponsors, to qualify for delisting.
We are also enclosing herewith the required documents/ information with specimen thereof for necessary compliance.
You are requested to please convey us the acceptance of the sponsors under Listing Regulation No. 30-D (iv) and ensure compliance of the time bound requirements as laid-down under the relevant Listing Regulations.
For more Information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136