Tuesday, June 28, 2011

ACIL requests delisting exemption

Al-Abbas Cement Industries Limited (ACIL) has requested the Karachi Stock Exchange to grant it exemption from delisting and placing on the Defaulters Counter due to non-compliance of listing regulations of KSE.
It also demanded the KSE management to give it a further 3 year extension by excising its discretion under Regulation 30 (2).In a notice sent to KSE on Monday, the ACIL said since the acquisition in 2005, the sponsors are pulling in all their efforts in rehabilitation of the ACIL and have injected significant interest free sponsor loans, incurring other huge expenses in order to bringing in management expertise to keep plant moving. The ACIL further said that significant changes have also taken place within company management with many new senior management staff coming in to establish organisation.