Karachi: The Pakistan Stock Exchange (PSX) has announced the continued suspension of trading in the shares of M/s. Safa Textiles Limited due to ongoing non-compliance issues. As of January 30, 2025, the suspension will remain in effect for an additional period of 60 days, unless the company rectifies the causes that led to this regulatory action.

The trading suspension was initially detailed in PSX Notice No.PSX/N-1149, dated November 29, 2024. Safa Textiles Limited has failed to hold the mandatory Annual General Meetings, has not submitted its Annual Audited Financial Statements, and has not cleared its dues to the Exchange. These actions are in violation of Clauses 5.11.1.(b)(c)(d) of the PSX Regulations.

According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension is backed by the authority granted under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The ongoing suspension reflects the Exchange's commitment to upholding regulatory compliance within the designated market category.

Until Safa Textiles Limited addresses these compliance issues, the suspension will remain in place, potentially affecting the company's market performance and investor confidence. The PSX has emphasized the importance of regulatory adherence to maintain market integrity and protect investors.