LAHORE (October 06 2003): The Lahore Stock Exchange has extended the suspension of trading in shares of 15 companies for another 60 days, with effect from October 6, 2003, on account of violation of the Rules of Registration of the Exchange.
These companies include: Turbo Tec Ltd; Kohinoor Looms Ltd; Mian Mohammad Sugar Mills Ltd; Al Hussaniy Industries Ltd; Tawakkal Ltd; Tawakal Garments Ltd; Tawakkal Polyester Ltd; Standard Insurance Company Ltd; Mohib Exports Ltd; Muslim Ghee Mills Ltd; Harnai Woollen Mills Ltd; Bela Engineers Ltd; Shahyar (O.E) Textile Ltd; ITTI Textile Ltd; and Unicap Modaraba.
These companies have committed various defaults under the Listing Regulations of the Exchange, and have failed to rectify the defaults to-date; therefore trading in the shares of the said companies will remain suspended for a further period of 60 days with effect from October 6, 2003, the LSE has notified to its members.
Earlier, the Governing Board of Directors of the LSE in its meeting held on August 4, 2004, had suspended the trading in the shares of these companies because of multiple reasons, including non-payment of dividend.
According to LSE management since long these companies were inactive in trading and there were no reports about their balance sheets, operating results and dividend etc, while some of them were under liquidation. Most of such companies were also not in touch with the LSE.
It was also resolved in the Board meeting of the Exchange that in case of failure of the management of these companies to remove the reasons which led to the suspension of trading within 60 days, the trading would be suspended for another 60 days.