PSX extends suspension of three companies, moves Escorts Investment Bank to non-compliant segment

The Pakistan Stock Exchange (PSX) has extended the suspension of trading in shares of three listed companies for another 60 days and announced the placement of Escorts Investment Bank Limited in the non-compliant segment over regulatory violations and adverse audit observations.

According to separate notices issued by the exchange, trading in shares of Al-Abid Silk Mills Limited, Dewan Salman Fibre Limited and Fatima Enterprise Limited will remain suspended from May 9, 2026, until the companies rectify the causes of suspension or until completion of another 60-day period.

PSX stated that Al-Abid Silk Mills Limited and Dewan Salman Fibre Limited remained suspended due to the closure of commercial production and business operations in their principal lines of business, adverse audit opinions issued by statutory auditors, and winding-up proceedings initiated through court orders and creditor petitions.

The exchange said both companies were in violation of PSX Regulations 5.1.1.(a)(g) and 5.1.1.2.(a)(c).

Fatima Enterprise Limited was cited for failure to hold annual general meetings, failure to submit annual audited accounts and non-payment of exchange dues under PSX Regulations 5.1.1.(b)(c)(d).

PSX said the decision was taken under powers granted through Section 19(7) of Securities Act, 2015 and Clause 5.11 of PSX Regulations.

Separately, the exchange announced that Escorts Investment Bank Limited would be placed in the non-compliant segment from May 11, 2026, after its statutory auditor issued an adverse opinion in the audit report.

According to PSX Notice No. PSX/N-569, the action was initiated under Regulation 5.11.1.(g), which allows placement of a listed company in the non-compliant segment if its statutory auditor issues a disclaimer or adverse audit opinion.

The exchange stated that placement in the non-compliant segment would trigger actions under Regulations 5.11.3(a) and 5.11.3(b).