After nearly three years in hibernation, Bawany Air Products Limited (PSX: BAPL) has restarted its Hub industrial-gas facility and formally asked the Pakistan Stock Exchange to strike its name from the bourse’s non-compliant segment.
In a letter dated 16 July 2025, the company informed the exchange that it had obtained an independent auditor’s certificate “certifying that the company has started operations in line with its principal line of business” and attached a copy of the certificate to support its request for reinstatement. A day later, cylinders were again being filled at the Hub site in Lasbela, Balochistan.
The comeback ends an uncomfortable chapter that began in late-2022 when soaring energy costs and intense price competition from Pakistan Oxygen and Ghani Gases forced Bawany Air to mothball production, triggering the PSX “business-continuity” rule that lands idle companies on a watch-list. Being tagged non-compliant means a company’s shares are transferred to a separate board and can be traded only on a cash-settlement basis – anathema for liquidity-hungry small caps. Management has spent the past 18 months cutting overheads, repairing equipment and, crucially, securing fresh equity to restart. The content in this publication is expensive to produce. But unlike other journalistic outfits, business publications have to cover the very organizations that directly give them advertisements. Hence, this large source of revenue, which is the lifeblood of other media houses, is severely compromised on account of Profit’s no-compromise policy when it comes to our reporting. No wonder, Profit has lost multiple ad deals, worth tens of millions of rupees, due to stories that held big businesses to account. Hence, for our work to continue unfettered, it must be supported by discerning readers who know the value of quality business journalism, not just for the economy but for the society as a whole.To read the full article, subscribe and support independent business journalism in Pakistan
