Karachi: Trading in the shares of Mubarak Textile Mills Limited has been suspended for an additional 60 days, beginning on September 30, 2024. This extension comes as the company has failed to resolve several non-compliance issues related to its business operations and financial reporting.

According to information available from the Pakistan Stock Exchange (PSX), the trading suspension is a result of the company's ongoing non-compliance with PSX Regulations, specifically Clauses 5.11.1(a), (g), and 5.11.2(b). These clauses pertain to the company's suspension of commercial production, the issuance of an adverse opinion by its statutory auditor on the financial statements, and a winding-up petition filed against the company by the Securities and Exchange Commission of Pakistan (SECP).

The decision to extend the suspension was taken by the PSX under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The suspension will remain in effect until the underlying issues are resolved or until the end of the 60-day period.

Mubarak Textile Mills Limited has been notified of this decision, and the PSX will continue to monitor the situation to ensure regulatory compliance and market integrity.