LAHORE: A bourse notification filed Monday by Pakistan Stock Exchange (PSX) revealed the Sindh High Court on 27th January ordered it not to place Dewan Cement in the defaulter’s segment.
The date of the next hearing is scheduled for 7th February, read the notification. Also, a copy of the court order halting PSX from moving DCL into defaulters segment was filed separately by the company on Monday.
On Friday, PSX issued a warning on suspending trading of shares in Dewan Cement Limited (DCL) stocks, if the entity was unable to clarify stated objections within the next weeks.
Due to this, trading in DCL’s shares was halted at lower limit of 5 percent and fell Rs1.22 to Rs23.25 at end of Friday’s session. During Friday’s session, DCL shares were among the top four traded ones with over 19.25 million shares exchanged.
The notification read “DCL is hereby advised to rectify the default within Fourteen (14) trading days i.e. by Monday, February 19, 2018, failing which trading in the shares of the Company shall be suspended from Tuesday, February 20th, 2018.
It must be noted that upon failure of the Company to rectify its default within Seven (07) trading days from the date of this notice i.e. by Thursday, February 8, 2018, the trading in the shares of the Company shall be converted to SPOT settlement for the next Seven (07) trading days i.e. till Monday, February 19, 2018.”
Dewan Cement Limited (DCL) is engaged in manufacturing and selling of cement. The Company offers its products under the labels of Dewan, Pakland, Pakland Black Diamond, Pakland Lion and Pakland Premium. The Company has a production capacity of 2,880,000 tons per annum from two separate manufacturing units, which includes Pakland Cement Ltd. and Saadi Cement Ltd.
DCL’s shares were trading at Rs23.51, up Rs0.26 and KSE-100 index was trading at 44,537.60 points, down 13.53 points from close on Friday.