Karachi: Trading in the shares of Al-Abid Silk Mills Limited and Dewan Salman Fibre Limited will remain suspended, the Pakistan Stock Exchange Limited (PSX) announced, following the companies' failure to address the reasons for the suspension. The suspension will persist for a further period of 60 days starting from March 15, 2025, unless the issues prompting the suspension are rectified.

The affected companies have been unable to resume commercial production and business operations in their principal lines of business. Additionally, auditors for both companies have issued disclaimers of opinion in their audit reports. The Securities and Exchange Commission of Pakistan (SECP) has also issued orders for the filing of winding-up petitions in court, and creditors have already initiated such legal proceedings.

According to information available from the Pakistan Stock Exchange (PSX), the decision to suspend trading was made under the authority of Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The designated market category for these stocks remains unchanged as trading stays on hold.

The continued suspension underscores ongoing regulatory challenges faced by the companies in meeting PSX standards, as outlined in previous notices, including PSX Notice No. PSX/N-068 dated January 13, 2025. The exchange has affirmed that trading will only resume once the companies have resolved the cited issues or at the expiration of the additional suspension period.