Nishat Power provisional listing approved
arachi Stock Exchange (KSE) has approved the provisional listing and quotation of shares of Nishat Power Limited (NPL) consequent upon the approval of the Offer for Sale Document (OFSD) and completion of relevant requirements under the Listing Regulations of the Exchange.
The provisional listing will take place with effect from Friday, August 21, 2009 in accordance with "The Regulations for Futures Trading in the Provisionally Listed Companies, (FTPLC), 2002," a KSE notice issued here on Wednesday said. The opening date of contract is August 21, 2009 and the closing date is October 2, 2009 while the settlement date is October 7, 2009.
The market lot for trading is 500 shares of Rs 10 each. The maximum number of shares that can remain outstanding at the close of any business day in any member's accounts would be 675,000 shares. The date of removal of the company from the futures contract would be October 5, 2009. The company is proposed to be formally listed w.e.f. Monday, October 5, 2009 and accordingly the trading in the shares of the company will be shifted to Ready Counter under T+2 Settlement System from the said date. The first settlement date would be October 7, 2009.
The KSE said that notice of formal listing containing the relevant details will be issued separately. All outstanding contracts carried out under these Regulations will be settled on the settlement date and members will not be allowed to transfer their positions to the Ready Clearing Board or any other Board.
The exchange may extend the date of settlement if the company fails to deliver the shares as per agreed time schedule. The marketable lot of the shares of the company will be one share on formal listing of the company on the Ready Market as notified vide Notice No KSE/N-3709 dated July 6, 2009.
A member of the exchange entering into futures trading in the company will have to comply with all the provisions contained in FTPLC including those relating to, trading, deposits and margins and clearing and settlement and the trading in the shares of the company will be governed by the said Regulations. The National Clearing Company of Pakistan Limited has assigned Company Code/Security Symbol to the Company as "NPL", the notice said.