Karachi, The Pakistan Stock Exchange (PSX) has announced an extension of the suspension of trading in the shares of Silver Star Insurance Company Limited due to the company's failure to comply with specific regulatory requirements. The initial suspension, as outlined in PSX Notice No. PSX/N-44 dated January 12, 2024, was due to the company's inability to hold its Annual General Meetings and to submit its Annual Audited Financial Statements, violating Clause(s) 5.11.1.(c)(d) of the PSX Regulations.
Despite being given time to address these issues, Silver Star Insurance Company Limited has not yet removed the causes of its suspension. As a result, the PSX has decided to extend the suspension of trading in the company’s shares for an additional 60 days, effective from March 14, 2024. This decision is in line with the powers granted to the Exchange under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations.
The continued suspension serves as a significant reminder to all stakeholders and the investing public to note the regulatory standards required for active trading status on the PSX.