Karachi: The Pakistan Stock Exchange (PSX) announced the continued suspension of trading in shares of M/s. Ansari Sugar Mills Limited (ANSM) effective November 03, 2024. This decision follows the company's persistent failure to meet certain regulatory requirements necessary for the restoration of trading, despite recent efforts to address previous violations.

On September 03, 2024, the PSX had extended the suspension of ANSM's shares for an additional 60 days due to the company's non-compliance with PSX Regulations 5.11.1.(b) and (c), which include the failure to hold Annual General Meetings (AGMs) and to submit Annual Audited Financial Statements. According to information available from the Pakistan Stock Exchange (PSX), although ANSM has since convened its overdue AGMs and transmitted its Annual Audited Financial Statements, it has not yet satisfied the criteria under PSX Regulation 5.13 for the resumption of trading.

The ongoing suspension will remain in effect until ANSM fulfills the necessary regulatory requirements or until another 60-day period concludes, starting from November 03, 2024. This action is part of the broader regulatory framework enforced by the PSX under the powers vested by Sub-Section (7) of Section 19 of the Securities Act, 2015 and clause 5.11 of the PSX Regulations.

The PSX has taken these measures to ensure compliance and protect investor interests, highlighting the importance of adherence to corporate governance standards mandated by the exchange. The situation will continue to be monitored, and further updates will be provided as they become available.