LAHORE (August 05 2003) : The Governing Board of Directors of the Lahore Stock Exchange (LSE), in its meeting held here on Monday, suspended trading in the shares of 15 companies for a period of 60 days, on account of violation of the rules of registration of the exchange.
There were multiple reasons, including non-payment of dividend, for which trading in shares of the companies, has been suspended, Samir Ahmed, LSE Managing Director, told Business Recorder.
Since long, these companies were inactive in trading and there were no reports about their balance sheet, operating results, and dividends, etc, while some of them were under liquidation, he added. Most of these companies had lost touch with the exchange.
It had also come to the notice of the LSE management that some companies had become non-existent entities, the MD stated.
In view of such reasons, the trading in these companies has been suspended initially for a period of 60 days, and if the management of these companies failed to remove the causes leading to suspension of their trading within the prescribed time, the trading would also be suspended for another 60 days and so on, he pointed out.
These companies included in suspension were: Turbo Tech Limited, Mian Mohammad Sugar Mills Limited, Kohinoor Looms Limited, Al Hussaini Industries Limited, Tawakkal Limited, Tawakkal Garments Industries Limited, Tawakkal Polyester Industries Limited, Standard Insurance Company Limited, Mohib Exports Limited, Muslim Ghee Mills Limited, Harnai Woollen Mills Limited, Bela Engineers Limited, Shahyar (OE) Textile Limited, Itti Textile Limited, and Unicap Modarba.
Meanwhile, the LSE Board also suspended the membership rights of Shahid Hassan Awan, a member of the exchange.
The board has taken disciplinary action against the said member and suspended his membership, Samir Ahmed said.
However, he clarified that there were no payment-related complaints against him.
Moreover, the building committee of the stock exchange presented its recommendations to the board regarding construction of a second tower.
The board, however, will take a final decision in this regard later on.
The board also resolved to include the companies, which are delisted due to buy-back of shares, under the delisting rules of the exchange.