Karachi: Trading suspension for the shares of National Fibres Limited and Prudential Investment Bank Limited will persist until compliance issues are resolved, according to an official announcement from the Pakistan Stock Exchange.

The continuation of the trading halt, effective from August 12, 2024, was confirmed by the PSX due to the companies' failure to resolve regulatory non-compliances that led to their initial suspension. This decision aligns with 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.

Both companies have been found in violation of multiple regulatory requirements, including the failure to hold Annual General Meetings, non-submission of annual audited accounts, non-payment of dues to the Exchange, and non-induction of their ordinary shares into the Central Depository System (CDS). Additionally, the Securities and Exchange Commission of Pakistan (SECP) has initiated winding-up petitions against each company in court.

According to information available from the Pakistan Stock Exchange (PSX), the management of both companies has been given a grace period of 60 days from August 12, 2024, to address the deficiencies and resume trading activities. Failure to do so could result in further regulatory actions.

Investors and stakeholders of National Fibres Limited and Prudential Investment Bank Limited have been urged to take note of these developments and the ongoing efforts to ensure compliance and transparency within the marketplace.