Karachi, May 14, 2012 (PPI-OT): With reference to the above subject this is to inform you that the majority securities holders are desirous to purchase the shares from all the minority securities holder and we hereby apply for voluntary de-listing of the Company on the following grounds:
1. That as per audited account as at September 30th, 2011 the company has accumulated losses of Rs. 1110.41 Millions which resulted in the capital deficiency of Rs. 1020.66 millions and its current liabilities exceeded its current assets by Rs. 120.09 millions.
2. The company has not paid any dividend in the last 10 years due to constant losses incurred.
3. The majority share holders are providing funds to finance the operation of the company. These funds provided by majority share holders in form of subordinated loan improve the financial position of the company and help it to obtain funds from financial institutions to finance its operation. The company might not have been able to obtain these loans had this support not provided by the majority share holders.
In view of the above grounds, the majority securities holders holding 69.65% of Company shares are agreed and ready to purchase all securities without exception from all the minority securities holders and ready to pay the price Rs. 7.72 per share.
As required under Listing Regulation, we enclose herewith the following documents.
1. A cheque for Rs. 250,000/- being Application fee (Listing Regulation 30 – (i)
2. Calculation showing purchase price (Listing regulation 30- A (i)
3. The certificate of intrinsic value per share (estimated net realizable value of assets of the company) dated 31-03-2012 certified by Hameed Chaudhry & Company, Chartered Accountants. (Listing Regulation 30-A (i)
4. Consent of purchase agent (Listing Regulation 30-C (v))
5. Undertaking from purchase agent (Listing Regulation 30-C (iv))
6. Board Resolution dated May 11th, 2012 passed for voluntary de-listing of the Company (Listing Regulation 30-D (i))
7. Audited Annual account for the year ended 30-09-2011
For more information, Contact:
Bawany Sugar Mills Limited
1st Floor, Block-2,
Hockey Club of Pakistan Stadium,
UAN: 92-21 111-600-447
Ph: 92-21 35657781-6, 92-21 35655131-4
Fax: 92-21 35680533