LAHORE: In a notification issued by the Pakistan Stocks Exchange (PSX), Securities and Exchange Commission of Pakistan (SECP) announced that it has formed a Funds Committee under the Stock Exchanges (Corporatisation, Demutualisation and Integration) Regulations 2012 to deal with outstanding investors claims against the defaulting brokers.
The notification read that the “Funds Committee intends to sell 3,034,603 shares of ISE Towers REIT Management Company Limited forfeited on account of default proceedings against a defaulter broker. The interested parties may send their bids in the sealed envelopes quoting per share price and the total amount of the bid.”
“The bids should reach Secretary Funds Committee, Office #G-13, ISE Towers, Jinnah Avenue, Islamabad latest by March 16, 2018, up to 3:00 pm along with pay order equivalent to 10 per cent of the total bid amount as advance payment. The pay orders must be drawn in favor of ISE Towers REIT Management Company Limited,” the notification further read.
The bids will be opened on the closing date in the presence of bidders. The successful bidder will have pay the balance amount of its bid through pay order at the time of transfer of shares accordingly. The advance amount of the unsuccessful bidders would be refunded after completion of the transaction.
