Karachi: Multiple top-tier companies listed on the Pakistan Stock Exchange have reported the loss of share certificates, potentially affecting thousands of shares, according to official notices released on July 24, 2024. These incidents prompt a mandatory circulation of information among members of the exchange, along with a specific window for objections before issuing duplicates.
Pakistan State Oil Company Limited (PSO) and Askari Bank Limited (AKBL) are among the firms reporting significant losses of certificates. PSO has detailed the misplacement of certificates totaling 28,551 shares across five entries, with distinct numbers ranging from 185,717,087 to 352,072,482. Similarly, a shareholder of AKBL reported a loss affecting 2,559 shares.
Additional reports span a wide array of sectors including banking, cement, utilities, and oil and gas, involving prominent names like Lucky Cement Limited, Faysal Bank Limited, Cherat Cement Company Limited, and Sui Southern Gas Company Limited. The cumulative reports list losses affecting nearly 4,000 shares across these entities.
According to information available from the Pakistan Stock Exchange (PSX), these incidents of lost certificates necessitate a caution to all exchange members to abstain from dealings in these certificates. Each company provides a specific timeframe, generally spanning three to seven days, for any objections to be filed prior to the issuance of duplicate certificates to mitigate further complications.
Additionally, Bank Al-Habib and Millat Tractors Limited also reported losses. Bank Al-Habib indicated a smaller scale loss involving 80 shares, while Millat Tractors noted several misplacements involving 140 shares in various transactions.
These incidents underscore the ongoing challenges within physical certificate management and raise concerns regarding the security measures in place to protect shareholder assets. The exchange and the companies involved are closely monitoring the situation to prevent any fraudulent activities following these reports.