Karachi: A Risk Warning Alert has been issued against Sitara Peroxide Limited (SPL) by the Pakistan Stock Exchange (PSX) following the company's failure to convene its Annual General Meeting (AGM) or submit its annual audited financial statements for the fiscal year ending June 30, 2024. This regulatory action, effective from May 23, 2025, comes as a result of SPL's continued non-compliance with PSX regulations.

According to a previous notice issued by PSX on November 13, 2024, SPL was required to hold its AGM and transmit its audited financial statements by May 22, 2025. The absence of these actions has triggered the enforcement of PSX Regulation 5.11.1, which mandates the issuance of a Risk Warning Alert for companies failing to meet compliance deadlines.

The regulations stipulate that a listed company may be placed in the Non-Compliant Segment if it fails to hold its AGM or submit its financial statements as required by law. A company remaining non-compliant for six months may receive a Risk Warning Alert, with further penalties including suspension of trading if non-compliance continues for two consecutive years.

According to information available from the Pakistan Stock Exchange (PSX), SPL's lack of compliance has now resulted in the issuance of a Risk Warning Alert, highlighting significant regulatory concerns. The PSX regulations provide that continued failure to comply could lead to suspension of trading in SPL shares, with a limited period of up to 90 days to rectify the non-compliance.

SPL's current situation places it at risk of more severe sanctions if the company does not address the outstanding compliance issues. The warning underscores the importance of timely financial reporting and governance practices within the designated market category.