The Sindh High Court, on 27th January, ordered PSX to not place Dewan Cement in the defaulter’s segment. In response to this, the company has been shifted to the normal counter with immediate effect, notified the exchange.
Pakistan Stock Exchange (PSX) warned on Friday to suspend trading in Dewan Cement Limited (DCL) shares if the company fails to clear stated objections within the next two weeks.
The PSX notice said that it would put DCL in the defaulters’ segment with effect from Monday January 29 2018.
The recent 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 20, 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.
As a result, trading in DCL’s shares hit its lower cap limit of 5% and fell by Rs. 1.22 to Rs. 23.25 at end of Friday’s session.
At the time of filing this report, DCL was trading at Rs. 23.60, up by +1.08% after this news came, with a turnover of 13.44 million shares.
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.