Karachi June 26 2022: Due to continuous non compliance, the sponsors / majority shareholders of Saudi Pak Leasing Company Limited (SPLC) have been directed to provide all the concerned shareholders within a period of 90 days i.e. up to September 22, 2022, an option for selling their shares to them at a price to be fixed by the Exchange in accordance with the PSX Regulations.
Earlier on March 22, 2022 whereby provision of 90 days’ time i.e. up to Friday, June 24, 2022 to M/s. Saudi Pak Leasing Company Limited to rectify the non-compliance(s), particularly with respect to cancellation of its Non-Banking Finance Company (NBFC) license by the Securities and Exchange Commission of Pakistan, was notified for information of all concerned.
In this context, it is hereby informed to all concerned that SPLC has till date failed to rectify the respective defaults of the PSX Regulations despite lapse of stipulated time.
Upon completion of the buy-back process of shares by sponsors / majority shareholders of SPLC or failure to comply with the compulsory buy-back directions or failure to rectify the non-compliance(s) within the stipulated time, the Exchange will proceed to delist SPLC. The case of SPLC, will be forwarded to the Securities & Exchange Commission of Pakistan for initiating further action as deemed appropriate under the Securities Act, 2015 and the Companies Act, 2017.
