Karachi: Trading in the shares of M/s. First National Bank Modaraba will remain suspended for an additional 60 days starting July 16, 2024, as the company has failed to address the reasons for its initial suspension.

This suspension follows PSX Notice No.PSX/N-459, which was issued on May 16, 2024. The Pakistan Stock Exchange (PSX) has cited non-compliance with Clause 5.11.1.(a) and 5.11.2.(b) of its regulations as the basis for this decision. The clauses in question pertain to the company's cessation of commercial production and business operations in its principal line of business. Additionally, the Securities and Exchange Commission of Pakistan (SECP) has initiated a winding-up petition against the Modaraba in court.

According to information available from the Pakistan Stock Exchange (PSX), the continuation of the suspension is in accordance with the powers granted under Sub-Section (7) of Section 19 of the Securities Act, 2015 and clause 5.11 of the PSX Regulations.

Stakeholders and investors are advised to note this continuation of suspension for record purposes and adjust their trading strategies accordingly.