Islamabad: Trading in the shares of M/s. Security Leasing Corporation Limited will remain suspended as the company has not addressed the regulatory non-compliance issues that initially led to the halt, the Pakistan Stock Exchange announced today.
The suspension, first reported on May 29, 2024, continues due to several unresolved issues, including the cessation of commercial production and business operations, an adverse opinion in the company's audit report, and the revocation of its leasing license by the Securities and Exchange Commission of Pakistan (SECP). Furthermore, SECP has initiated winding-up proceedings against Security Leasing Corporation, emphasizing the severity of the non-compliances.
According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension was made under the powers vested by Sub-Section (7) of Section 19 of the Securities Act, 2015, coupled with specific clauses from PSX Regulations 5.11. The extended suspension will last for an additional 60 days starting July 29, 2024, unless the company rectifies the causes of suspension beforehand.
This ongoing suspension serves as a significant marker of regulatory oversight in ensuring compliance and protecting investor interests in the Pakistani financial markets.