Karachi: The Pakistan Stock Exchange (PSX) has decided to extend the suspension of trading in the shares of three companies—Al-Mal Securities & Services Limited, First Investec Modaraba, and Usman Textile Mills Limited—due to ongoing regulatory violations. This decision follows PSX Notice No. PSX/N-835, dated August 29, 2024, and affects companies that have failed to rectify non-compliance issues by the stated deadline.

According to information available from the Pakistan Stock Exchange (PSX), all three companies have breached clauses 5.11.1.(b)(c)(d)(e) and 5.11.2.(b) of the PSX regulations. Their violations include failure to hold Annual General Meetings, non-submission of annual audited accounts, non-payment of dues to the exchange, and failure to induct ordinary shares into the Central Depository System (CDS). Additionally, each of these companies is subject to a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) in court.

As a result of these breaches, the PSX has decided that trading in the shares of these companies will remain suspended until they rectify the causes of the suspension. The extension will remain in effect for at least 60 days from October 29, 2024, or until full compliance with the PSX regulations is achieved.

The decision was made under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.