Karachi: Trading in shares of M/s. Progressive Insurance Company Limited will remain suspended for an additional 60 days starting July 12, 2024. This action follows the company's failure to address non-compliance issues previously cited by the Pakistan Stock Exchange (PSX).

This decision extends the earlier suspension announced on May 10, 2024, in PSX Notice No. PSX/N-443. Progressive Insurance has yet to resume its principal business operations, hold its annual general meeting, submit its annual audited accounts, pay dues owed to the Exchange, and address a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP).

According to information available from the Pakistan Stock Exchange (PSX), the continued suspension leverages the powers granted to the Exchange 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 effect until Progressive Insurance rectifies the causes of suspension or until the newly specified period ends. The Exchange has taken these measures to enforce compliance with its regulations and ensure the integrity of trading activities.