Karachi: Al Shaheer Corporation Limited (ASC) has been issued a Risk Warning Alert (RWA) by the Pakistan Stock Exchange (PSX), as the company continues to be non-compliant with regulatory requirements. The action follows the company's failure to hold its overdue Annual General Meeting (AGM) and transmit the annual audited financial statements for the fiscal year ending June 30, 2024. This regulatory measure takes effect on May 6, 2025.

The PSX had previously placed ASC in the Non-Compliant Segment on November 5, 2024, as outlined in PSX Notice No. PSX/N-1060. The company was notified due to its inability to convene the AGM and submit requisite financial documents, which are mandatory under the PSX Regulations. The regulations specify that a company may be placed in the Non-Compliant Segment if it fails to hold an AGM or submit audited financial statements as per legal requirements.

According to information available from the Pakistan Stock Exchange (PSX), ASC has not rectified these non-compliances even six months after being placed in the Non-Compliant Segment. Consequently, the PSX has issued the RWA under Clause 5.1.1. (j) of the PSX Regulations. The alert serves as a precursor to further actions, including the potential suspension of trading in ASC's shares if the company fails to meet compliance standards for two consecutive years.

If ASC does not hold its AGM or submit its financial statements for two consecutive years, the PSX will suspend trading of the company's shares. The exchange will then grant a grace period not exceeding 90 days for ASC to address the outstanding compliance issues. The situation places ASC under increased scrutiny within the designated market category.