Karachi: Pakistan Stock Exchange (PSX) has announced the continuation of trading suspension for shares of National Fibres Limited and Prudential Investment Bank Limited, following their failure to address multiple regulatory defaults. The suspension, detailed in PSX Notice No. PSX/N-158 dated February 07, 2025, extends for an additional 60 days starting April 09, 2025, unless the companies rectify the causes of suspension.

According to the notice, both companies are in violation of multiple PSX regulations, specifically clauses 5.11.1 and 5.11.2. The reasons for the suspension include the failure to hold Annual General Meetings, non-submission of annual audited accounts, non-payment of dues to the Exchange, and non-induction of ordinary shares into the Central Depository System (CDS). Additionally, the Securities and Exchange Commission of Pakistan (SECP) has filed winding-up petitions against both companies in court.

The decision to continue the suspension has been made under the authority granted to the Exchange by Sub-Section (7) of Section 19 of the Securities Act, 2015, and clause 5.11 of the PSX Regulations. This regulatory action underscores the importance of compliance with financial disclosure and corporate governance standards.

According to information available from the Pakistan Stock Exchange (PSX), the trading suspension will remain in effect until the companies address the aforementioned issues or until the end of the newly designated 60-day period. This suspension is part of the "Designated Market Category" which involves companies that have failed to meet the Exchange's listing requirements.

The PSX's decision highlights the continuing challenges faced by National Fibres Limited and Prudential Investment Bank Limited, emphasizing the necessity for companies to adhere to regulatory standards to maintain their trading status on the stock exchange.