Karachi: The Pakistan Stock Exchange (PSX) has announced that trading in the shares of M/s. Schon Textiles Limited will remain suspended, citing ongoing non-compliance issues. According to a notice from PSX, the company has failed to address the causes of the suspension, initially highlighted in a previous notice dated May 29, 2024.

The suspension relates to several regulatory non-compliances under PSX Regulations 5.11.1(b)(c)(d)(e) and 5.11.2(b). Specifically, Schon Textiles Limited has failed to hold its Annual General Meetings, submit its annual audited accounts, pay dues to the Exchange, induct its ordinary shares into the Central Depository System (CDS), and address the appointment of an Official Liquidator by the court in response to a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP).

According to information available from the Pakistan Stock Exchange (PSX), the suspension will remain in effect until the company rectifies these issues or for another period of 60 days, starting from July 29, 2024. The decision was made under the powers vested in the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and PSX Regulations 5.11.

The PSX has emphasized that this decision is in line with its regulatory framework to ensure compliance and protect investor interests. Stakeholders are advised to note this continuation of the suspension for their records.