KARACHI: Pakistan Stock Exchange (PSX) has proposed delisting of two companies namely Dewan Automotive Engineering Limited and Abdullah Shah Ghazi Sugar Mills Limited due to default.
PSX has notified that Abdullah Shah Ghazi Sugar Mills is in process of rectification of defaults, however Dewan Automotive Engineering Limited has neither rectified the defaults nor has communicated any objection to the proposed action of delisting of the company from the exchange.
Dewan Automotive Engineering Limited manufactures, assembles, trades, and sells tractors, light commercial vehicles, and motorcycles primarily in Pakistan. It also trades in and manufactures related parts and implements. The company was incorporated in 1982 and is headquartered in Karachi, Pakistan.
Dewan Automotive Engineering Limited announced earnings results for the year ended June 30, 2018. For the year, the company reported sales revenues of Rs18.896 million against nil for the same period a year ago.
Operating loss was Rs29.422 million against Rs77.986 million for the same period a year ago. Loss before taxation was Rs50.134 against Rs44.863 million for the same period a year ago. Loss for the year was Rs47.985 million against Rs42.615 for the same period a year ago. Loss per share – basic and diluted was Rs2.24 against Rs1.99 for the same period a year ago.
The company recently announced that Waseem-ul-Haque Ansari was appointed as Chief Executive officer of the company in the place of Haroon Iqbal with effect from September 28, 2018.