Karachi: Arif Habib Corporation has received approval for a 30-day extension to file its first quarterly financial statements for the period ending September 30, 2024. The Securities and Exchange Commission of Pakistan (SECP) granted the extension, allowing the company additional time to prepare and submit its financial disclosures.

On October 24, 2024, Arif Habib Corp notified the Pakistan Stock Exchange Limited of the extension in a formal communication, detailing that the extended deadline for the submission is now set for November 29, 2024. The original deadline was slated for the end of October. According to information available from the Pakistan Stock Exchange (PSX), this extension is in compliance with section 237 of the Companies Act, 2017, which permits such delays under specific circumstances.

The decision to seek an extension was made following an application submitted by Arif Habib Corporation on October 21, 2024. The company cited the need for additional time to accurately finalize the financial results of the first quarter, ensuring thoroughness and compliance with regulatory standards.

The SECP’s approval letter, attached to the notification sent to the Pakistan Stock Exchange, confirms that the extension was granted without prejudice, allowing Arif Habib Corp to proceed without any penalties for non-compliance with the original filing schedule. This extension also impacts the schedule for the company's board meeting, which will now convene within the new timeline to discuss and approve the Q1 financial statements.

Arif Habib Corporation’s commitment to adhering to regulatory requirements and ensuring accurate financial reporting is underscored by this proactive measure to secure more preparation time.