Pakistan Stock Exchange (PSX) suspended the trading of three companies on regulatory non-compliance, ranging from non-payment of dues to not holding annual general meetings and non-submission of the annual audited financials.
According to notices issued on Friday, 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.
Trading of shares of Chenab Limited and Fatima Enterprises Limited was suspended due to reasons of not holding the annual general meeting, non-submission of the annual audited financials and non-payment of dues of the exchange.
Clause 5.11.1 (c) of the PSX regulations suggests that a company should hold one annual general meeting, and clause 5.11.1 (d) suggests that a company should submit its annual audited accounts for the preceding financial year.
First Capital Equities Limited was stopped from trading shares because it suspended commercial / business operations in its principle line of business and non-payment of dues of the exchange.
The PSX made this 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, BankIslami Pakistan Limited announced the dates of Book Closure from January 30, 2024, to January 31, 2024, for the profit payment of their Sukuk.
Given the above, trading in the said Sukuk will be suspended during the period from January 29, 2024, to January 31, 2024, and will resume on February 01, 2024.
