Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of M/s. Gulistan Textile Mills Limited. This decision follows a previous notice, PSX/N-1073, dated November 08, 2024, which addressed the company’s ongoing non-compliance issues. The suspension will extend for an additional 60 days starting January 08, 2025, or until the underlying causes are adequately addressed.

The primary reasons for the suspension include the company’s failure to resume its principal business operations, non-payment of dues to the Exchange, and an ongoing winding-up petition filed by creditors in court. These issues relate to non-compliance with Clause(s) 5.11.1.(a)(d) and 5.11.2.(c) of the PSX Regulations. The PSX cited its powers under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations as the basis for this decision.

According to information available from the Pakistan Stock Exchange (PSX), the suspension is crucial to ensure that the interests of investors and the integrity of the market are protected. The PSX has emphasized that trading will only resume once Gulistan Textile Mills Limited has resolved the issues causing the suspension.

Gulistan Textile Mills Limited, categorized in the textile sector, is facing significant challenges in meeting its regulatory obligations. The continuation of the suspension underscores the Exchange’s commitment to enforcing compliance among listed companies to maintain a fair and transparent trading environment.

The management of Gulistan Textile Mills Limited has been urged to take swift action to rectify their compliance issues to avoid further disruptions in trading activities. Investors are advised to stay informed about developments related to the company’s compliance status and potential resumption of trading activities.