Karachi: 1. This is with reference to the letter dated 13.5.2011 issued by the Karachi Stock Exchange Limited (“KSE”), addressed to the Company Secretary of Sapphire Fibers Limited (SFL) and bearing Ref. No.KSE/ C-608-3019.
2. Within the letter, the KSE has requested further information from SFL Limited, (which has taken certain investments of Sapphire Fibers Limited by virtue of a scheme of arrangement recently sanctioned by the Sindh High Court through the order passed in J.M.40/2010) so as to facilitate its listing on the KSE.
3. In this regard, please note that our position has already been made clear through letter issued by Sapphire Fibers Limited dated 15,3,2010 and addressed to the General Manager, KSE, wherein it is clarified that we shall apply to the KSE for listing only once all four de-mergers mentioned therein (i.e. in relation to Sapphire Textile Mills Limited, Sapphire Fibers Limited, Diamond Fabrics Limited and Amer Cotton Mills (Pvt.) Limited) are complete and the resulting holding companies have been subsequently merged into one or more company.
4. With this intent, the Board of Directors of Sapphire Holding Limited and SFL Limited have already approved a Scheme of Amalgamation. It is expected that a petition under section 284 to 287 of the Companies Ordinance, 1984 will be filed shortly in the Hon’ble High Court of Sindh. This petition seeks to merge the two entities. Thus, neither Sapphire Holding Limited nor S.F.L. Limited intends to apply to the KSE for listing at this time. It is the surviving entity which shall ultimately apply to the KSE for listing on the exchange.
5. We hope the above sufficiently clarifies our position. Please do not hesitate to contact us if you have any further queries.
For more information, contact:
Sapphire Fibers Limited
316, Cotton Exchange Building,
I.I. Chundrigar Road, Karachi (Pakistan)
UAN: +9221 111000100
Fax: +9221 2416705