KARACHI: On Friday, The Board of Directors of ‘Fateh Industries Limited’ announced that the company be voluntarily de-listing from the Pakistan Stock Exchange Limited (PSX).
However, the company did not announce the date of delisting from PSX, but it said the company will buy-back its shares from the majority shareholders. The company is on ‘Defaulter list’ for many days and its share price is around Rs 176.59 at PSX screen.
The company has two more listed companies in PSX Fateh Textile and Fateh Sports Wear Limited at the PSX board and both the companies are also on ‘Defaulter List’.
In a notice of PSX, it said, “The company further resolved that on obtaining consensus of sponsor/majority shareholders for buyback of company’s shares by them, the Chief Executive of the company and/or company secretary be and are is hereby authorized to apply for the voluntarily delisting of the company’s shares from Pakistan Stock Exchange Limited and take all necessary step in this respect.”
Fateh Industries Limited was incorporated on May 18, 1986, as a public company limited by shares under the Companies Ordinance, 1984 (now the Companies Act, 2017). The business of the company is to manufacture and sale of footwear of all kinds. It is also engaged in manufacturing, dyeing and printing of textiles and their marketing.
Fateh Sports Wear Limited was incorporated on May 20, 1984, as a public company limited by shares under the Companies Ordinance, 1984 ( now the Companies Act, 2017). The business of the company is to manufacture readymade garments for selling them locally as well as exporting.
