The Karachi Stock Exchange (Guarantee) Limited’s notice of intention to suspend CDS eligibility of ordinary shares of Wateen Telecom Limited under the CDC regulations

Karachi: Wateen Telecom Limited

In view of non-submission of R/TA Reconciliation Report by your company for financial year ended June 30, 2011, despite our follow-ups and notice dated January 09, 2012 under Regulation 13.7.1 of the CDC Regulation allowing further 3 Business Days to comply with the said notice, an amount of Rs. 10,000 was imposed on your company as fine where an invoice was raised in this regard.

As your company is continuously in default of the said regulatory requirement, this failure on part of your company is construed as contravention of’ the CDC Regulations, thus giving rise to Regulation 5.3.1 of the Regulations, which authorizes CDC to take action including suspension of CDS Eligibility of Securities of the Issuer in respect of which non-compliance occurred.

You are therefore notified under Regulation 5.3.2 of the CDC Regulations that consequent to failure by your company to comply with Regulation 13.7.1 of the CDC Regulations with respect to submission of R/TA Reconciliation report for the period ending June 30, 2011 duly Certified by your external auditor relating to the Ordinary Shares (Security Symbol: WTCL) of your company (the “said Securities”), CDC intends to suspend the CDS Eligibility of the said Securities with effect from March 16, 2012.

In view of the above, you are hereby advised to comply with Regulation 13.7.1 of the Regulations by submitting the R/TA Reconciliation Report correct as of June 30, 2011 duly certified by your external auditor along with payment of fine of Rs. 10.000/- without further delay but not later than March 15, 2012 to avoid suspension CDS Eligibility of the said Securities as aforesaid.

As required by the said Regulation 5.3.2 of the CDC Regulation, a copy of this notice is being sent to the Stock Exchanges where the said Securities are listed.

For more information, contact:
Karachi Stock Exchange
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

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