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PSX directed AMTEX to buyback shares in 90 days

admin-augafbyadmin-augaf
April 26, 2022
inBusiness, Finance
Reading Time: 2 mins read
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PSX directed AMTEX to buyback shares in 90 days
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Karachi April 26 2022: Due  to  continuous  non-compliance,  the  sponsors  /  majority  shareholders  of  AMTEX  have  been  directed  to  provide  all  the  concerned shareholders  within  a  period  of  90  days  i.e.  up  to  Monday,  July  25,  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  January  24,  2022  whereby  provision  of  90  days’  time  i.e.  up  to Monday,  April  25,  2022  to  M/s.  AMTEX  Limited  (“AMTEX”)  to  rectify  the  non-compliance(s),  particularly  with respect  to  failure to pay the Annual listing fee of  the  PSX  Regulations,  was  notified  for  information  of  all  concerned.

In  this  context,  it  is  hereby  informed  to  all  concerned  that  AMTEX  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  AMTEX  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  AMTEX.  The  case  of AMTEX,  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.

Source: Pakistan Stock Exchange

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