KARACHI: Trading in the shares of M/s. Apollo Textile Mills Limited will remain suspended, as the company has not addressed the multiple compliance issues that led to its initial trading halt. The Pakistan Stock Exchange announced this decision following the failure of the company to rectify the causes of suspension cited in previous communications.

According to the latest PSX Notice No.PSX/N-847 dated September 3, 2024, Apollo Textile Mills has not resumed its main business operations, nor has it held its Annual General Meeting or submitted its Annual audited accounts. Further exacerbating the company's position, its statutory auditor issued an adverse opinion, and a winding-up petition has been filed by the Securities and Exchange Commission of Pakistan (SECP) in court. In addition to these infractions, the company has also failed to clear dues owed to the Exchange.

According to information available from the Pakistan Stock Exchange (PSX), the decision to continue the suspension was made using the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. This suspension is effective for another 60 days starting November 3, 2024, or until the company addresses the specified issues.

This notification serves as a record for all concerned stakeholders and remains in effect until further notice.