The Karachi Stock Exchange Limited’s notice of revocation of CDS eligibility of ordinary shares of Hallmark Insurance Company Limited

Karachi, June 17, 2013 (PPI-OT): Further to our letter. No. FL/June-2013/OPS/15 dated June 11, 2013 in respect of setting up of securities of Hallmark Insurance Company Limited (formerly Raja Insurance Company Limited) (the “Issuer”) represented by ordinary shares of the Issuer in terms of declaration of CDS Eligibility of such security by CDC vide notice dated June 23, 1998.

Subsequent, to the aforesaid induction, the said Securities of the Issuer were frozen in the CDS in terms of provision of CDC Regulations in view of suspension of trading in such Securities by the Stock Exchange where such Securities listed.

CDC has now learnt that the Securities and Exchange Commission of Pakistan has issued a notice dated April 02, 2013 to the Issuer for rectification of non-compliances of provisions of the Insurance Ordinance, 2000 providing, three months to the Issue, to comply with the same of failing which winding up proceedings may by initiated against the Issue.

In view of the foregoing facts and circumstances, CDC consumers that the CDS Eligibility of such Securities of the Issuer may not be in the public interest. Therefore, CDC has decided to revoke the CDS Eligibility of Ordinary Shares of the Issuer with, immediate effect i.e. Monday June 17, 2013.

The Issuer may apply a fresh for declaration of its Securities as CDS Eligibility Securities after Complying with the requirements of laws, rules and regulations as applicable to the Issuer to the satisfaction of Securities and Exchange Commission of Pakistan.

For more information, contact:
Fazal Hussain Gaffoor
CFO and Company Secretary
The Karachi Stock Exchange Limited
Tel: (92-21) 111-001122
Fax: (92-21) 3241 0825, (92-21) 3241 5136
Email: info@kse.com.pk
Web: www.kse.com.pk

Leave a Reply