The Pakistan Stock Exchange (PSX) has suspended trading in the shares of seven companies due to non-compliance with various regulatory requirements.
This decision has been taken under 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. This follows a previous notice issued on June 7, 2024, and will remain effective for 60 days starting August 8, 2024, unless the issues are rectified.
The affected companies are Regal Ceramics Limited, Azmat Textile Mills Limited, Kaiser Arts & Krafts Limited, Pakistan Industrial & Commercial Leasing Ltd., Dadabhoy Sack Limited, Nina Industries Limited, and Investec Mutual Fund Limited.
Regal Ceramics Limited, Azmat Textile Mills Limited, Kaiser Arts & Krafts Limited, and Pakistan Industrial & Commercial Leasing Ltd. failed to hold Annual General Meetings, did not submit annual audited accounts, and did not pay dues to the Exchange. They also did not include their ordinary shares into the Central Depository System (CDS).
Additionally, winding-up petitions have been filed by the Securities and Exchange Commission of Pakistan (SECP), and official liquidators have been appointed.
Dadabhoy Sack Limited faces suspension due to the suspension of commercial production in its principal line of business and non-inclusion of its ordinary shares into CDS.
Nina Industries Limited failed to hold Annual General Meetings, did not submit annual audited accounts, and did not pay dues to the Exchange. The company also did not include its ordinary shares in CDS, and the SECP has issued an order for filing a winding-up petition.
Investec Mutual Fund Limited did not hold Annual General Meetings, submit annual audited accounts, pay dues to the Exchange, or include its ordinary shares into CDS. A winding-up petition has also been filed by SECP.
The PSX has decided that trading in the shares of these companies shall remain suspended until the causes of the suspension have been rectified or another period of 60 days is effective from August 8, 2024.
