Karachi: The Pakistan Stock Exchange (PSX) has announced that trading in the shares of M/s. Gulistan Textile Mills Limited will continue to be suspended. This decision follows the company’s failure to address the reasons for suspension specified in a previous notice, PSX Notice No. PSX/N-441, dated May 10, 2024.

According to information available from the Pakistan Stock Exchange (PSX), M/s. Gulistan Textile Mills Limited has yet to resume its principal business operations or pay the outstanding dues to the Exchange. Additionally, a winding-up petition has been lodged by creditors in the court, which has led to the continuation of the trading suspension.

The suspension, initially detailed in the May notice, was due to non-compliance with several clauses of the PSX Regulations. These include Clause 5.11.1.(a)(d), which mandates continuous commercial production and business operations, and Clause 5.11.2.(c), concerning the financial obligations towards the Exchange.

The Exchange has exercised its authority under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations to extend the suspension period. Trading will remain halted for an additional 60 days starting from July 12, 2024, or until the company rectifies the issues leading to its suspension.

The decision is significant for investors and stakeholders of Gulistan Textile Mills Limited, who are advised to take note of these ongoing compliance failures and the resultant trading suspension.