Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of three companies: Al-Mal Securities & Services Limited, First Investec Modaraba, and Usman Textile Mills Limited. This decision follows a prior notice issued on December 27, 2024, due to regulatory non-compliance by the aforementioned entities.

The companies in question have failed to address several critical requirements set forth by PSX regulations. According to PSX, the specific defaults include the failure to hold Annual General Meetings, non-submission of annual audited accounts, non-payment of dues to the Exchange, failure to induct Ordinary Shares into the Central Depository System (CDS), and the filing of winding-up petitions by the Securities and Exchange Commission of Pakistan (SECP) against these companies in court.

According to information available from the Pakistan Stock Exchange (PSX), the suspension will remain in force until the companies rectify these issues. The suspension is also subject to a review after a period of 60 days, beginning February 26, 2025. This move is in accordance with the powers granted to the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.

The designated market category for these companies remains suspended, highlighting the significance of compliance with industry regulations. The PSX emphasizes that the suspension is a necessary enforcement of the standards to maintain market integrity and protect investor interests.