Karachi, Several Pakistani companies have provided updates to the Pakistan Stock Exchange (PSE) regarding their financial and operational progress for the quarter ended March 31, 2024. These updates, required under PSX Regulation 5.11.2 (h), follow the previous reports submitted in January.

Landmark Spinning Industries Limited announced it is in the process of a reverse merger with an Operating Unlisted Company, aiming to commence operations as a merged entity. This strategic move is in line with Regulations 5.22 and 5.11 (e) of the PSX Regulation. A joint petition for the court's sanction of the Scheme of Arrangement was filed on May 20, 2022, at the High Court of Sindh at Karachi. However, the proceedings have encountered delays, with court sessions adjourned and rescheduled within the current quarter. Despite these setbacks, the company has reaffirmed its commitment to transparency and regulatory compliance throughout the merger process. Further updates are promised to be communicated promptly.