Karachi, The Pakistan Stock Exchange (PSX) has extended the suspension of trading in the shares of M/s. Al-Abid Silk Mills Limited and M/s. Dewan Salman Fiber Limited. This decision is in line with the earlier notice PSX/N-1179 dated November 20, 2023, and is due to the companies' continued non-compliance with PSX Regulations.

Al-Abid Silk Mills Limited and Dewan Salman Fiber Limited have failed to address the causes of their share trading suspension. Both companies have been found in breach of Clause 5.11.1.(b)(i)(l)(m) of the PSX Regulations, which include the suspension of commercial production/business operations in their principal lines of business, the presence of adverse opinions in their audit reports, and the initiation of winding-up proceedings against them by the Securities and Exchange Commission of Pakistan (SECP) and creditors.

Given these unresolved issues, the PSX has decided to maintain the suspension of trading in the shares of these companies. The suspension will continue until the companies rectify the causes of suspension or for an additional period of 60 days, effective from January 20, 2024.

This decision to extend the suspension was made under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The Exchange exercises these powers to ensure regulatory compliance and to maintain the integrity of the trading environment.