Karachi: The Pakistan Stock Exchange (PSX) has set a compliance deadline of February 17, 2025, for Dewan Mushtaq Textile Mills Limited (DMTM) and Huffaz Seamless Pipe Industries Limited (HSPI), following their failure to hold Annual General Meetings (AGMs) and transmit Annual Audited Financial Statements for the fiscal years ending June 30, 2023, and 2024. This non-compliance with Clause 5.11.1.(b) and (c) of the PSX Regulations was initially highlighted in PSX Notice No. PSX/N-1106 dated November 15, 2024.

According to information available from the Pakistan Stock Exchange (PSX), both companies face immediate suspension of their trading activities if they do not address these non-compliance issues by the designated deadline. The PSX has reiterated this deadline through subsequent notices, including PSX/N-096 dated January 20, 2025, and PSX/N-150 dated February 03, 2025.

If Dewan Mushtaq Textile Mills Limited and Huffaz Seamless Pipe Industries Limited fail to meet the compliance requirements by February 17, 2025, the PSX will enforce actions as per Clause 5.11.3.(e) of the PSX Regulations. These actions include the potential issuance of a compulsory buy-back direction to major shareholders and sponsors of the companies.

However, should the companies rectify their non-compliances related to PSX Regulation 5.11.1.(b) and (c) within the stipulated timeframe, trading in their shares could resume. Huffaz Seamless Pipe Industries Limited may then be moved to the Normal Counter. Meanwhile, Dewan Mushtaq Textile Mills Limited would remain listed in the Non-Compliant Segment until all other non-compliance issues are resolved.