Karachi, In a recent announcement by the Pakistan Stock Exchange (PSE), Apollo Textile Mills Limited faces an extended suspension in trading of its shares, attributed to a series of regulatory non-compliances. Following Notice No.PSX/N-16 dated January 05, 2024, the company has yet to rectify issues including suspended commercial production/business operations, failure to conduct Annual General Meetings, non-submission of Annual Audited Financial Statements, non-payment of dues to the Exchange, suspension of CDS eligibility by the CDC, receipt of a disclaimer of opinion in the audit report, and a winding-up petition filed against the company by the Securities and Exchange Commission of Pakistan (SECP).

Given the company’s inability to address these concerns, the PSX has decided to extend the suspension of trading in Apollo Textile Mills' shares for an additional 60 days starting from March 08, 2024. This action is supported by the authority granted under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

The continued suspension serves as a significant measure by the PSX to uphold the integrity of the market and enforce compliance with regulatory standards. Apollo Textile Mills Limited is expected to take immediate steps to resolve the listed non-compliances in order to facilitate the resumption of trading of its shares.

Investors and stakeholders of Apollo Textile Mills are urged to take note of this development as the company works towards meeting the regulatory requirements and reinstating its compliance with the PSX regulations.