Karachi: Trading in the shares of M/s. Silver Star Insurance Company Limited will remain suspended for an additional 60 days starting July 12, 2024, due to ongoing non-compliance issues. The Pakistan Stock Exchange (PSX) announced the decision, highlighting that the company has yet to hold its Annual General Meetings or submit its annual audited accounts.

This suspension follows the initial notice, PSX Notice No. PSX/N-444, issued on May 10, 2024, which cited failures under Clause(s) 5.11.1.(b)(c) of the PSX Regulations as reasons for the initial trading halt. The specific clauses involve the company's failure to conduct its Annual General Meetings and to provide its annual audited financial statements, both of which are mandatory regulatory requirements.

According to information available from the Pakistan Stock Exchange (PSX), the decision to extend the suspension was made under Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The PSX has exercised its regulatory powers to ensure compliance and protect investor interests.

The extension of the trading suspension will give Silver Star Insurance Company Limited additional time to address and rectify the causes of the suspension. The situation remains under close observation by regulatory authorities, and further updates will be provided as new developments occur.