Karachi: Trading in the shares of Al-Abid Silk Mills Limited and Dewan Salman Fibre Limited will remain halted as the companies have failed to address the issues leading to their initial suspension, as outlined by the Pakistan Stock Exchange (PSX).

According to information available from the Pakistan Stock Exchange (PSX), the ongoing suspension stems from earlier notifications that indicated both companies had halted their principal commercial productions and business operations. This suspension was initially detailed in PSX Notice No. PSX/N-467 dated May 17, 2024.

Specific violations include clauses 5.11.1.(b)(i)(l)(m) of PSX Regulations, highlighting suspended operations, adverse opinions in audit reports, and initiation of winding up proceedings by the Securities and Exchange Commission of Pakistan (SECP) and creditors. The PSX, exercising its powers under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations, has mandated that the trading of these shares will be suspended for an additional 60 days beginning July 18, 2024, or until the companies rectify the causes of suspension.

This decision is crucial for investors and stakeholders, ensuring compliance and addressing the significant regulatory concerns that have led to this suspension.