Karachi: Trading in the shares of Al-Abid Silk Mills Limited, Dewan Salman Fibre Limited, and Fatima Enterprise Limited will remain suspended as these companies have not addressed the reasons for their suspension, as per the Pakistan Stock Exchange's (PSX) latest announcement.

The PSX disclosed that these companies were initially suspended following notices PSX/N-275 and PSX/N-276 issued on March 14, 2025. The exchange has extended the suspension period for another 60 days starting from May 14, 2025, citing unresolved default issues related to PSX regulations.

Al-Abid Silk Mills Limited and Dewan Salman Fibre Limited are both facing similar regulatory hurdles. Both companies have ceased commercial operations in their primary lines of business, received adverse opinions in their audit reports, and have been ordered by the Securities and Exchange Commission of Pakistan (SECP) to file for winding-up petitions. Additionally, creditors have already filed winding-up petitions against these companies in court.

Fatima Enterprise Limited has been found non-compliant with different regulatory requirements. The company failed to hold its Annual General Meetings and submit its annual audited accounts. It is also in arrears concerning its dues to the exchange.

According to information available from the Pakistan Stock Exchange (PSX), the decision to maintain the suspension has been executed under Sub-Section (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The stocks of these companies will remain off the trading floor until they rectify their regulatory lapses.

The ongoing suspension reflects the PSX's commitment to maintaining regulatory compliance within the designated market category, ensuring that companies adhere to set standards for the benefit of investors and the market's integrity.