Karachi November 24 2022: Pakistan Stock Exchange (PSX) notified to all concerned that as a consequence of default of PSX Regulation 5.11.1. i.e. suspended commercial production/ business operations in its principle line of business for a continuous period of one year, M/s. AKD Hospitality Limited (AKDHL) will be placed in the Defaulters’ Segment w.e.f. November 24, 2022.
The PSX Regulation 5.11.1. is reproduced hereunder for ready reference: A Listed Company may be placed in the Defaulters’ Segment if: (b) It has suspended commercial production/ business operations in its principle line of business for a continuous period of one year;
Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b). Provided that Regulation 5.11.7 (a) and 5.7 1.1 (b) shall not apply on SPAC.
According to NCCPL, “ AKD Hospitality Limited shall be excluded from the list of SLB Eligible Securities and MF Eligible Securities with effect from November 24, 2022.”
AKD Hospitality Limited {“the Company”} was incorporated as a Public Limited Company in the year 1936 under Companies Act, 1913 (Now the Companies Act, 2017). Shares of the Company are quoted on the Pakistan Stock Exchange Limited. During the prior year the Company through special resolution passed in its extra ordinary general meeting held on 01 February 2021 altered the Memorandum of Association by changing its name from “AKD Capital Limited” to “AKD Hospitality Limited” and its principal line of business from “the business of real estate / providing consultancy, projects financing and management, investment in listed securities and to engage in leasing” to “tourism business including hospitality business, motel, destination management services, developing and building tourism attractions and to undertake all ancillary business activities to provide end to end service solutions”.
