Trading Suspension Continues for Saudi Pak Leasing Company on PSX

Stock Exchange Announcements

Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of the trading suspension for M/s. Saudi Pak Leasing Company Limited. This decision, detailed in PSX Notice No.PSX/N-440 dated May 10, 2024, extends the suspension for another 60 days effective from July 11, 2024, due to ongoing regulatory compliance failures.

According to information available from the Pakistan Stock Exchange (PSX), the company has yet to address several critical issues that led to the initial suspension. These include the cessation of commercial production and business operations in its principal line of business, the issuance of a disclaimer of opinion by its statutory auditor on the audit report, and the revocation of its Non-Banking Finance Company (NBFC) license by the Securities and Exchange Commission of Pakistan (SECP).

The extended suspension is enacted under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. The PSX emphasizes that the suspension will remain in effect until the company rectifies the stated issues or until the completion of the newly specified suspension period.