Islamabad: Trading in the shares of M/s. Business and Industrial Insurance Company Limited will remain suspended for an additional 60 days starting August 9, 2024, following the company’s failure to address compliance issues. The suspension continues as the firm has not yet remedied the non-compliances cited in previous Pakistan Stock Exchange (PSX) notifications.
On June 07, 2024, PSX issued Notice No.PSX/N-555, indicating the initial reasons for the suspension due to the company’s failure to adhere to multiple regulatory requirements. The issues included the failure to hold Annual General Meetings, non-submission of annual audited accounts, non-payment of dues to the Exchange, and ongoing winding-up proceedings initiated by the Securities and Exchange Commission of Pakistan (SECP).
According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension was made under the authority of Sub-Section (7) of Section 19 of the Securities Act, 2015, in conjunction with Clause 5.11 of the PSX Regulations. This regulatory action aims to enforce compliance and safeguard investor interests until the company rectifies the causes of suspension.
The continuation of this trading halt underscores the importance of regulatory compliance and the potential consequences for companies that fail to meet the established standards. The PSX has affirmed that trading will resume once the company has addressed the deficiencies or after the newly specified period ends.