Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of trading suspension for four companies following their inability to address the regulatory defaults that led to the initial suspension. This update follows PSX Notices No. PSX/N-470 dated May 07, 2025.

The affected companies include M/s. Gulistan Textile Mills Limited, M/s. Progressive Insurance Company Limited, M/s. Zahur Cotton Mills Limited, and M/s. Silver Star Insurance Company Limited. The regulatory defaults range from suspended commercial operations and non-payment of dues to the failure to hold mandatory meetings and submit audited accounts.

M/s. Gulistan Textile Mills Limited has faced suspension due to halted commercial production, unpaid dues to the Exchange, and a winding-up petition filed by creditors in court. Similarly, M/s. Progressive Insurance Company Limited has seen similar challenges, compounded by the failure to hold the annual general meeting and submit its annual audited accounts. Furthermore, a winding-up petition has been filed by the Securities and Exchange Commission of Pakistan against this company.

M/s. Zahur Cotton Mills Limited's suspension is attributed to halted business operations, unpaid dues, and the non-induction of its ordinary shares into the Central Depository System. Meanwhile, M/s. Silver Star Insurance Company Limited failed to hold annual general meetings and submit its annual audited accounts.

According to information available from the Pakistan Stock Exchange (PSX), the trading suspension will persist until the companies rectify the causes of suspension or for another 60-day period starting July 07, 2025. This decision is executed under the authority granted to the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations.

The designated market category for these companies remains under scrutiny as attempts are made to resolve the regulatory issues at hand.