Karachi: Saritow Spinning Mills Limited (SSML) has been placed in the Defaulters' Segment, soon to be renamed the Non-Compliant or Winding-up Segment, by the Pakistan Stock Exchange (PSX). This action followed the issuance of an adverse opinion in SSML's audit report by its statutory auditor, according to a notice released by PSX under Notice No. PSX/N-1163 dated December 4, 2024, with the placement effective December 5, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the company has been given a specified period to rectify the default. Failure to address the issues within this timeframe may lead to further actions, although the specifics of such actions were not detailed in the notice.

The board of directors of Saritow Spinning Mills Limited includes Mr. Jamal Nasim, Mr. Samir Iqbal Saigol, Mr. M. Murad Saigol, Mr. M. Omer Farooq, Mr. M. Naseem Saigol, Mr. M. Zeid Yousuf Saigol, and Mrs. Sadaf Kashif.

Substantial shareholders of the company include Ms. Amber Haroon Saigol, holding 13.81% of shares, YH Securities (Pvt.) Limited with 6.37%, and Mr. Yacioob Habib possessing 7.15%.

Saritow Spinning Mills Limited is associated with several companies, namely Kohinoor Industries Limited, Pak Electron Limited, Kohinoor Energy Limited, and Kohinoor Power Company Limited. Stakeholders and the general public are advised to take note of this development.