Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of suspension in trading of shares for three companies due to ongoing regulatory defaults. This decision comes as part of an enforcement action under the Securities Act, 2015, and according to clause 5.11 of the PSX Regulations.

The companies affected by this suspension include Al-Mal Securities & Services Limited, First Investec Modaraba, and Usman Textile Mills Limited. The suspension will remain in place until the identified issues are resolved or for an additional 60 days starting on June 26, 2025. This action follows a previous notice dated April 25, 2025, which outlined the initial suspension.

The reasons for suspension are consistent across all three entities. They have failed to hold their Annual General Meetings and submit their annual audited accounts. Additionally, there has been non-payment of dues to the Exchange and non-induction of Ordinary Shares into the Central Depository System (CDS). Furthermore, the Securities and Exchange Commission of Pakistan (SECP) has filed winding-up petitions against these companies in court.

According to information available from the Pakistan Stock Exchange (PSX), the decision is in line with the Exchange's regulatory framework to ensure compliance and protect investors. The designated market category for these companies remains under scrutiny due to their inability to meet regulatory obligations.

The suspension aims to prompt the companies to address these defaults promptly. The PSX's action underscores its commitment to maintaining market integrity and enforcing compliance with its regulations. The affected companies have been urged to take immediate corrective measures to rectify the issues and resume trading activities.