Karachi: The Pakistan Stock Exchange (PSX) has announced an extended suspension of trading in the shares of M/s. Progressive Insurance Company Limited. This decision comes as the company has not addressed the violations of various clauses of the PSX Regulations which initially led to the suspension, according to a recent notice.

On July 11, 2024, PSX issued Notice No. PSX/N-662, indicating that Progressive Insurance had failed to meet several regulatory requirements. These included the suspension of commercial production or business operations, failure to hold an Annual General Meeting (AGM), non-submission of annual audited accounts, non-payment of dues to the Exchange, and a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) in court.

According to information available from the Pakistan Stock Exchange (PSX), the latest decision to keep the trading of Progressive Insurance's shares suspended was made under the powers granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The suspension will continue until the company rectifies the causes for suspension or for an additional period of 60 days effective from September 10, 2024.

Investors and stakeholders of Progressive Insurance are advised to note this extended trading suspension for record purposes and monitor any further communications from PSX regarding the status of the company’s compliance with the necessary regulations.