Karachi: Dar-es-Salaam Textile Mills Limited (DSML), previously listed in the Defaulter's Segment of the Pakistan Stock Exchange (PSX), will transition to the Normal Counter starting October 22, 2024. This move comes after the resolution of regulatory non-compliances and a strategic business model shift, as confirmed by recent audits and legal proceedings.

On October 21, 2024, the Pakistan Stock Exchange issued a notice confirming that DSML had rectified issues cited in a February 6, 2019 notification, which had placed the company in a restrictive trading segment due to non-compliance with PSX regulations. According to information available from the Pakistan Stock Exchange (PSX), the company had been in the Defaulter's Segment due to discrepancies in its business operations as highlighted in its annual audit for the year ending June 30, 2019.

The resolution followed a comprehensive review and a reverse merger with TPL Life Insurance Limited, leading to a shift in DSML’s principal business to insurance services. The corrective actions, approved by the High Court of Sindh, allowed the company to meet the PSX’s regulatory standards.

Further, DSML has been advised to ensure strict compliance with all applicable PSX rules and regulations to safeguard minority shareholders' interests. The move is expected to enhance trading activity and investor confidence in DSML’s shares, as they rejoin the main market segment of the exchange.