Karachi: In a recent development at the Pakistan Stock Exchange (PSX), trading in the shares of Apollo Textile Mills Limited has been further suspended. The extension, effective from September 04, 2024, follows the company's continued non-compliance with multiple regulatory requirements.
The Pakistan Stock Exchange has taken this step due to Apollo Textile Mills Limited’s failure to rectify issues that initially led to the suspension of its shares. According to information available from the Pakistan Stock Exchange (PSX), these issues include the suspension of commercial production and business operations in its principal line of business, failure to hold annual general meetings, and non-submission of annual audited accounts. Additionally, the company’s statutory auditor has issued an adverse opinion in the audit report, and there is a pending winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) against the company in court.
This decision to extend the suspension comes under the powers vested in the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The suspension will remain in effect until the causes of the suspension are addressed, or another 60 days pass.
Investors and stakeholders have been advised to take note of this continuation of the suspension for record purposes. The market watches closely as the future of Apollo Textile Mills Limited hangs in balance, pending resolution of its compliance issues.