Karachi: Trading in the shares of Standard Insurance Company Limited and Mohib Exports Limited will remain suspended until they address multiple regulatory breaches, the Pakistan Stock Exchange announced today. The suspension takes effect from July 15, 2024, and will last for a minimum of 60 days.

Standard Insurance and Mohib Exports have both failed to meet essential corporate and financial responsibilities required by PSX regulations. Specifically, both companies have not held their Annual General Meetings or submitted their annual audited accounts. Additionally, neither company has managed the induction of its ordinary shares into the Central Depository System (CDS).

Standard Insurance has further violated regulations by suspending its principal commercial production and business operations. The firm's statutory auditor also issued a Disclaimer of Opinion in its audit report, indicating severe concerns about the company's financial health and compliance.

On the other hand, Mohib Exports faces legal challenges, with a winding-up petition filed against it by the Securities and Exchange Commission of Pakistan (SECP) in court, alongside their non-compliance with financial and operational regulations.

According to information available from the Pakistan Stock Exchange (PSX), this decision to suspend trading was taken under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The suspension will remain in place until the companies rectify the causes of the suspension or another period of 60 days, whichever is longer.

This action reflects PSX's commitment to enforcing compliance with its regulations to protect investor interests and maintain fair trading practices.