Karachi: The Pakistan Stock Exchange (PSX) has announced a continued suspension in the trading of shares for M/s. First National Bank Modaraba. The decision comes following the entity's failure to address non-compliance issues highlighted in PSX Notice No.PSX/N-667 dated July 12, 2024. According to information available from the Pakistan Stock Exchange (PSX), the suspension pertains to violations of clauses 5.11.1.(a) and 5.11.2.(b) concerning the cessation of commercial operations and an ongoing winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP).
In light of these regulatory breaches, trading of the Modaraba’s certificates will remain halted until the identified issues are rectified or for an additional period of 60 days beginning September 14, 2024. This action is under the authority granted by Sub-Section (7) of Section 19 of the Securities Act, 2015, coupled with clause 5.11 of the PSX Regulations. This measure aims to enforce compliance and protect investor interests pending the resolution of the Modaraba’s operational and legal challenges.
Investors and stakeholders are advised to take note of this development for their records and future transaction planning.