Karachi: The Pakistan Stock Exchange (PSX) has announced an extended suspension of trading in the shares of M/s. Schon Textiles Limited due to ongoing non-compliance with regulatory requirements. This decision, outlined in PSX Notice No. PSX/N-1119 dated November 25, 2024, follows the company's continued failure to address the causes of suspension, which include multiple breaches of PSX Regulations 5.11.1(b)(c)(d)(e) and 5.11.2(b).

Schon Textiles Limited has been unable to hold its Annual General Meetings, submit annual audited accounts, pay outstanding dues to the Exchange, induct its ordinary shares into the Central Depository System (CDS), and is facing the appointment of an Official Liquidator by court order, following a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP). As a result, trading in the company’s shares will remain suspended until these issues are resolved or for another 60 days starting from January 25, 2025.

According to information available from the Pakistan Stock Exchange (PSX), this decision is made under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and in accordance with PSX Regulations 5.11. This regulatory action underscores the importance of compliance and accountability within the designated market category, ensuring the protection of investors and maintaining market integrity.