Karachi, The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of Safa Textiles Limited. This decision, as per PSX Notice No. PSX/N-1022 dated October 06, 2023, is due to the company's ongoing non-compliance with specific clauses of the PSX Regulations.

Safa Textiles Limited has failed to address the non-compliance issues outlined in Clauses 5.11.1.(c), (d), and (e) of the PSX Regulations. These include the failure to hold Annual General Meetings, non-submission of Annual Audited Financial Statements, and non-payment of dues to the Exchange. These lapses in regulatory compliance have prompted the PSX to extend the suspension of trading in the company’s shares.

The suspension will remain in effect until Safa Textiles Limited rectifies the causes of suspension or for an additional period of 60 days starting from December 07, 2023. This decision reflects the PSX's commitment to enforcing regulatory standards and protecting investor interests. It is taken 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 extended suspension serves as a crucial reminder to Safa Textiles Limited and other listed companies of the importance of adhering to the Exchange's regulations. The PSX urges the company to take swift action to resolve the outstanding issues and facilitate the resumption of trading in its shares.