Regent Textile Industries Limited’s Announcement of 136th Board of Directors Meeting held on Wednesday, The 15th June 2011, at 04:00 pm

Karachi: With reference to caption Board of Directors meeting, the board has decided the following;

1. Minutes of 135th Board of Director meeting adopted, approved and singed by the Chairman.

2. With the permission of the Chairman, Mr. Amin A. Hashwani informed the board that the Company due to volatile market is not carrying on operational activity in the factory and the unsecured loan obtained from M/S. Hassan Ali Rice Export Company in liable to be re-paid/adjusted. Further, he informed that the Company has presently 219 number of members, out of which 212 member belonging general public etc carrying only about 2.27% of the total paid –up capital of the company, i.e. (a) Physical Share Script holders holding 85,035 shares (1.78%) and (b) CDC shareholders holding 4,673,628 share (98322%). The company has been spending heavy cost due to the listing on the Karachi Stock Exchange (Guarantee) Limited. Further, he explained that for the last 3 years no substantial trading in the security of the Company has taken place in the Karachi Stock Exchange (Guarantee) Limited. He then proposed that under listing Regulation 30, of the Karachi Stock Exchange Regulation, Company may be authorized to apply for voluntary delisting of the company based on the above grounds. The matter was discussed in depth and as seconded by Mr. Nizam A. Hashwani, the following resolutions were unanimously passed;

Resolved that the proposal for voluntarily delisting of the company be and is here by approved and the Company is authorized to apply under listing Regulation #30, of the Karachi Stock Exchange Regulation to seek necessary approval of the Karachi Stock Exchange (Guarantee) Limited and make compliance by reporting to SECP as well and to proceed accordingly for completion of Hashwani and Mr. Nizam A. Hashwani have also shown their willingness and they agreed to undertake purchase of 108,216 shares as blew:

(1) Mr. Abdullah A. Hashwani (Physical) 83,965 Shares and
(2) Mr. Nizam A. Hashwani (CDC) 24,251 shares.

From the market for which they will undertake to make and ensure payments from their personnel resources for the purpose of purchasing 108,216 shares for delisting process”.

Further, “Resolved that the shares of the Company in the Karachi Stock Exchange (Guarantee) Limited shall be acquired by;

(1) Mr. Abdullah A. Hashwani – 83,965 Shares, and
(2) Mr. Nizam A. Hashwani 24,251 shares, at the price not blew the breakup value as determined by the Auditors of the Company/ Karachi Stock Exchange (Guarantee) Limited” , and that a purchase agent of the KSE may be appointed for the purchase of above shares at such competitive commission/remuneration as may be deemed fit”.

Further, “Resolved that Mr. Amin A. Hashwani be and is hereby authorized on behalf of the Company to take all necessary step to execute deeds and make compliance with respect to the permission to be given by the Karachi Stock Exchange (Guarantee) Limited, and to complete the formalities so the effect the above resolutions”.

Further, “Resolved that upon permission of The Karachi Stock Exchange (Guarantee) Limited, the company shall give 21 days clear notice for holding the Extra Ordinary General meeting to get approval by 3/4th majority of the share holders for the purpose of delisting of the company as required under the law for which necessary consent/ NOC may be obtained from KSE and SECP.”

3. There was no other business and the meeting was concluded with a vote of thanks to the Chair.

For more information, contact:
Company Secretary
Regent Textile Industries Limited
1st Floor Cotton Exchange Building,
I.I. Chundrigar Road, Karachi
Tel: +9221 32412946-9
Fax: +9221 32416725
Email: harec@hashgroup.com