Karachi, The Pakistan Stock Exchange (PSX) has issued a notice concerning the ongoing non-compliance issues faced by two listed companies, Bilal Fibres Limited and Hira Textile Mills Limited. Both companies have been granted an extension until April 29, 2024, to rectify specific regulatory compliance issues, with potential consequences outlined for failure to comply.

Bilal Fibres Limited and Hira Textile Mills Limited were initially flagged for non-compliance under PSX Regulation 5.11.1.(e), specifically for failing to pay the Annual Listing Fee (ALF) and the Securities and Exchange Commission of Pakistan (SECP) supervisory fee, as mandated. This requirement follows SECP's notification No. SRO 598(1)/2016 dated June 29, 2016. The companies had until January 29, 2024, to address these issues but failed to do so, leading to the current extension.

Should Bilal Fibres Limited and Hira Textile Mills Limited fail to meet the April 29 deadline, the PSX will consider further actions under Regulation 5.11.2., which may include compelling the companies' sponsors or majority shareholders to execute a compulsory buy-back of shares. Additionally, if the companies rectify the specified non-compliance within the given timeframe, they will still be listed in the PSX Defaulters' Segment under the mentioned non-compliances, with subsequent actions to be determined by the applicable regulations.

The PSX urges all concerned parties to take note of these developments and the potential implications for the involved companies.