Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of suspension of trading in the shares of four companies due to their failure to address regulatory defaults. This decision, effective from May 8, 2025, affects M/s. Gulistan Textile Mills Limited, M/s. Progressive Insurance Company Limited, M/s. Zahur Cotton Mills Limited, and M/s. Silver Star Insurance Company Limited.

The PSX, acting under the authority of Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations, issued this directive following a review of each company's compliance status. According to information available from the Pakistan Stock Exchange (PSX), these companies have not rectified the causes leading to their trading suspension, nor have they fulfilled their financial and administrative obligations.

M/s. Gulistan Textile Mills Limited is facing suspension due to halted commercial operations, failure to pay dues to the exchange, and a winding-up petition filed by creditors. Similarly, M/s. Progressive Insurance Company Limited has not held its annual general meeting, failed to submit audited financial accounts, and is facing a winding-up petition initiated by the Securities and Exchange Commission of Pakistan (SECP).

In a related issue, M/s. Zahur Cotton Mills Limited has not inducted its ordinary shares into the Central Depository System (CDS), alongside failing to maintain commercial operations and settle exchange dues. Meanwhile, M/s. Silver Star Insurance Company Limited has also failed to hold annual general meetings and submit its annual audited accounts.

The PSX has indicated that the trading suspension will remain in effect until these companies rectify their regulatory breaches or until another review is conducted in 60 days. This decision underlines the exchange's commitment to uphold market integrity and protect investor interests within the designated market category.