Mohammad Farooq Textile Mills Faces Extended Trading Suspension on PSX

Stock Exchange Announcements

Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of the suspension of trading in shares of M/s. Mohammad Farooq Textile Mills Limited, extending the measure for an additional 60 days starting July 11, 2024. This decision follows the company’s ongoing failure to meet several compliance requirements as outlined in PSX regulations.

According to information available from the Pakistan Stock Exchange (PSX), Mohammad Farooq Textile Mills has not held its Annual General Meetings, failed to submit annual audited accounts, and has not paid dues to the Exchange. Furthermore, a winding-up petition has been filed against the company by the Securities and Exchange Commission of Pakistan (SECP), compounding the company’s regulatory troubles.

This extended suspension, initially referenced in PSX Notice No.PSX/N-439 dated May 10, 2024, is enacted under the powers vested by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The PSX underscores that the suspension will remain in place until the company rectifies the causes of non-compliance or until the end of the newly specified period.