Karachi: Trading in the shares of M/s. Business & Industrial Insurance Company Limited will remain suspended for an additional period of 60 days starting December 7, 2024, due to continued non-compliance with Pakistan Stock Exchange (PSX) regulations. The decision comes as a follow-up to PSX Notice No.PSX/N-979 dated October 4, 2024.

The suspension is attributed to the company's failure to address several regulatory requirements, including holding annual general meetings, submitting annual audited accounts, settling dues with 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), these deficiencies pertain to Clauses 5.11.1.(b)(c)(d) and 5.11.2.(b) of the PSX Regulations. The PSX has exercised its authority under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations to enforce this suspension.

The shares will remain suspended until the company rectifies the causes of suspension or until the conclusion of the 60-day extension. Stakeholders are advised to note this development for record purposes.