Karachi: The Pakistan Stock Exchange (PSX) has announced the continuation of the trading suspension for Schon Textiles Limited shares. According to a notice dated September 26, 2024, the suspension, initially detailed in PSX Notice No. PSX/N-719 from July 26, 2024, will extend for an additional 60 days effective from September 27, 2024.

According to information available from the Pakistan Stock Exchange (PSX), the ongoing suspension is due to Schon Textiles Limited's failure to address several compliance issues. These include not holding Annual General Meetings, failing to submit annual audited accounts, non-payment of dues to the Exchange, not inducting its ordinary shares into the Central Depository System (CDS), and the appointment of an Official Liquidator by the court following a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP).

The PSX has taken this measure under Sub-Section (7) of Section 19 of the Securities Act, 2015, combined with relevant PSX Regulations. This action underscores the Exchange’s commitment to uphold strict regulatory compliance and protect investor interests.