Karachi: The Pakistan Stock Exchange (PSX) has announced the suspension of trading in the shares of six companies due to repeated non-compliance with regulatory requirements. The suspensions follow notices issued on November 29, 2023, and May 31, 2024, for failures related to annual meetings and financial disclosures. The companies affected include Dewan Mushtaq Textile Mills Limited, Hira Textile Mills Limited, Sitara Peroxide Limited, Huffaz Seamless Pipe Industries Limited, Dewan Khalid Textile Mills Limited, and Globe Textile Mills Limited.

According to information available from the Pakistan Stock Exchange (PSX), the listed companies failed to hold their Annual General Meeting (AGM) and did not submit their annual audited financial statements for the second consecutive year, ending June 30, 2024. These lapses trigger regulatory measures under PSX regulations 5.11.1.(b) and 5.11.2., mandating the suspension of trading for these entities.

The trading suspension will take effect after a 14-day notification period, providing the companies a window until November 6, 2024, to address the issues. If unresolved, trading will only occur on a Trade-for-Trade basis (T+0) for the next seven days, up to November 15, 2024. Continued non-compliance beyond this period could result in further suspensions starting November 18, 2024.

Moreover, companies at serial numbers 5 and 6—Dewan Khalid Textile Mills Limited and Globe Textile Mills Limited—are already under additional scrutiny due to ongoing winding-up processes, indicating deeper financial and operational issues.