Wateen Telecom applies for voluntary de-listing

Wateen Telecom applies for voluntary de-listing

Lahore (TheNation / Saturday, February 15, 2014) – Majority shareholders of Wateen Telecom Limited have applied for voluntary de-listing of the Company through buy-back of shares from the minority shareholders. The proposed buy-back transaction by the Company has been approved by the Listing Committee (LC) of the Exchange at a price of Rs. 4.50 per share subject to purchase of at least 92 million ordinary shares out of the total 284.181 million shares, outstanding with the shareholders other than sponsors, to qualify for delisting.  The purchase agent of the Company, Arif Habib Limited has purchased 215.411 million shares within a period of 60 days as per condition imposed by the Exchange.

The Company has also complied with the procedure for voluntary de-listing under Listing Regulation No 30-C of Lahore Stock Exchange. In view of the above, the Exchange has decided to de-list Wateen Telecom Limited from the Ready Board Quotation of LSE w.e.f. February 17, 2014. After the de-listing of Wateen Telecom Ltd. from the Lahore Stock Exchange number of listed companies will remain 434.

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