Karachi: Trading in the shares of Sitara Peroxide Limited (SPL) will resume on a T+2 settlement basis from November 14, 2024, following a partial rectification of non-compliances concerning the company’s financial reporting and annual meetings, as announced by the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the notice issued on November 13, 2024, detailed compliance issues dating back to an earlier notice on October 29, 2024. These issues include the non-holding of Annual General Meetings (AGMs) and the non-transmission of audited financial statements for two consecutive years ending June 30, 2023, and June 30, 2024. The company had been under scrutiny for failing to meet these essential regulatory requirements, leading to a suspension of trading.

The resumption follows SPL’s recent submission of its annual financial statement for the year ended June 30, 2023, and its announcement of an AGM scheduled for November 21, 2024. These actions have partially rectified the non-compliances with PSX regulations 5.1.1.(b)(c) and have been documented through the Central Depository Company (CDC). However, SPL must issue its Annual Audited Financial Statements for the year ended June 30, 2024, within six months from May 22, 2025, failing which further suspension may ensue.

Moreover, it was noted in the recent audit that SPL’s statutory auditor issued a Disclaimer of Opinion, which flags further non-compliance under PSX regulation 5.1.1.(g). Consequently, SPL will continue to be listed under the "Non-Compliant" or "Winding-Up Segment" categories until full compliance is achieved.

All relevant entities, including the Securities and Exchange Commission of Pakistan (SECP), the financial institutions involved, and the auditor of the company, have been duly informed of the current status and the corrective measures underway.