Pakistan Stock Exchange (PSX) suspended the trading of multiple companies on regulatory non-compliance, ranging from non-payment of dues to not holding annual general meetings to non-submission of the annual audited financial statements.
According to notices issued on January 12, these companies failed to comply with the regulatory clause(s) 5.11.1 of PSX regulation that falls under the heading of defaulters’ segment, suspension and de-listing.
Mohammad Farooq Textile, Gulistan Textile, Haydari Construction, Huffaz Seamless Pipe Industries and Silver Star Insurance got shares trading suspension due to reasons, including failing to hold the annual general meeting and non-submission of the annual audited financial statements.
Clause 5.11.1 (c) of the PSX regulations suggests that a company should hold its one annual general meeting as per law, and clause 5.11.1 (d) suggests that a company should submit its annual audited accounts for the preceding financial year.
As per PSX notice, Saudi Pak Leasing Company was stopped from trading because it suspended commercial production/business operations in its principal line of business for a continuous period of one year. It also violated rules regarding payment of dues of the exchange. SECP cancelled its Non-Banking Finance Company (NBFC) and issued a show cause notice initiating a Winding-up proceeding.
Similarly, Progressive Insurance Company was also suspended from trading due to non-payment of dues, suspension of commercial business, and a winding-up petition filed by the SECP.
Zahur Cotton Mills got a suspension of shares because it suspended commercial production/business operations in its principal line of business and non-induction of its Ordinary Shares into the Central Depository System (CDS).
The PSX took the decision to suspend shares trading in the exercise of the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015 and clause 5.11 of the PSX Regulations.
Additionally, United Bank Limited announced the dates of Book Closure from January 21, 2024, to January 28, 2024, for the 20th profit payment of their Term Finance Certificate (TFC).
Given the above, trading in the said TFC will be suspended from January 19, 2024, to January 28, 2024, and will resume on January 29, 2024.
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