Karachi, Following the initial notice from October 6, 2023, the Pakistan Stock Exchange (PSX) has reiterated that several companies have not addressed the reasons for the suspension of trading in their shares. The PSX, under Notice No. PSX/N-1222 dated December 05, 2023, lists these companies and outlines the defaults of PSX regulations that led to their suspension.

Abson Industries Ltd., Prudential Stocks Fund Ltd., English Leasing Ltd., Sadoon Textile Industries Ltd., Hakkim Textile Mills Ltd., and Suraj Ghee Industries Ltd. are the companies named. The suspensions stem from a series of failures on the part of these companies, including not holding their Annual General Meetings, failing to submit annual audited accounts, non-payment of dues to the Exchange, failure to induct ordinary shares into the Central Depository System (CDS), and, in some cases, the initiation of winding-up proceedings and the appointment of an official liquidator.

In light of these continued defaults, PSX has decided to extend the suspension of trading in the shares of the aforementioned companies. The suspension will remain in place until the causes have been rectified or for an additional period of 60 days starting from December 06, 2023. This action is part of the regulatory powers granted to PSX under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations, aiming to uphold the integrity of the trading environment and protect investor interests.

The PSX urges the concerned companies to resolve the outstanding issues promptly to ensure the resumption of trading and compliance with the market regulations.