Karachi: Trading in the shares of M/s. Zahur Cotton Mills Limited will remain suspended for an additional 60 days from September 10, 2024, due to ongoing non-compliance issues, the Pakistan Stock Exchange announced today.

In an official continuation of PSX Notice No. PSX/N-661 dated July 11, 2024, the Exchange detailed that the textile manufacturer has yet to address violations related to its suspension. Specifically, Zahur Cotton Mills has not resumed commercial production or business operations in its principal line of business, nor has it managed the induction of its Ordinary Shares into the Central Depository System (CDS). According to information available from the Pakistan Stock Exchange (PSX), these breaches pertain to clauses 5.11.1.(a)(e) of the PSX Regulations, which mandate active business operations and share induction into CDS as criteria for trading.

The decision to extend the trading halt was made under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, coupled with clause 5.11 of the PSX Regulations. This regulatory action underscores the stringent oversight maintained by the PSX to ensure compliance and protect investor interests.

The suspension will remain in effect until Zahur Cotton Mills rectifies the cited issues or until the newly specified deadline of 60 days post-September 10. This measure aims to prompt corrective action by the company and ensure compliance with market regulations.