Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of National Fibres Limited and Prudential Investment Bank Limited due to their failure to comply with PSX regulations. This decision was made public in a notice referenced as PSX/N-1197 dated December 09, 2024.

According to the notice, both companies have failed to hold their Annual General Meetings and submit their annual audited accounts. Additionally, they have not met their financial obligations to the exchange, and their ordinary shares have not been inducted into the Central Depository System (CDS). Furthermore, the Securities and Exchange Commission of Pakistan (SECP) has filed winding-up petitions against both companies in court, raising significant concerns regarding their operational and financial viability.

The PSX has stated that trading in the shares of these companies will remain suspended either until the specified issues are resolved or for an additional period of 60 days starting from February 08, 2025. This action is in accordance with the authority granted to the exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

According to information available from the Pakistan Stock Exchange (PSX), the decision to suspend trading is a regulatory measure aimed at protecting investors and maintaining market integrity within the designated market category. The exchange has emphasized the importance of compliance with regulatory requirements and financial transparency for listed companies to ensure a fair and orderly market environment.

Investors are advised to closely monitor any further announcements from the PSX regarding these companies and to exercise caution when considering investments in firms with unresolved regulatory and financial issues.