Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of M/s. Mubarak Textile Mills Limited due to ongoing non-compliance issues. This decision follows the previous PSX Notice No.PSX/N-1142, dated November 28, 2024. The suspension will persist until the underlying issues are rectified or for an additional period of 60 days, starting January 28, 2025.

The primary reasons for the suspension include the company's failure to address concerns related to the suspended commercial production and business operations in its principal line of business. Additionally, the statutory auditor has issued an adverse opinion on the company's financial statements, and a winding-up petition has been filed against the company in court by the Securities and Exchange Commission of Pakistan (SECP).

According to information available from the Pakistan Stock Exchange (PSX), the continuation of the suspension is in line with the powers vested in the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The trading halt is intended to protect market integrity and ensure compliance with regulatory standards.

The textile industry is a crucial sector in Pakistan's market, and the ongoing issues with Mubarak Textile Mills Limited highlight the importance of adhering to financial and operational regulations. Stakeholders and investors are advised to monitor the situation closely as the company works towards resolving these matters to allow for the resumption of trading.