Karachi, The Pakistan Stock Exchange (PSX) has granted an extension to Huffaz Seamless Pipe Industries Limited and Trust Investment Bank Limited, allowing them until April 29, 2024, to address their non-compliance with PSX Regulation 5.11.1.(e). This regulation pertains to the failure to pay the Annual Listing Fee (ALF) for two years and the Securities and Exchange Commission of Pakistan (SECP) supervisory fee as required under the SECP notification No. SRO 598(1)/2016 dated June 29, 2016.

The notice follows an earlier announcement (PSX/N-91 dated January 29, 2024), which highlighted the failure of these two companies to rectify their non-compliance within the initially specified timeframe ending January 29, 2024.

Huffaz Seamless Pipe Industries Limited, listed under the symbol HSPI, and Trust Investment Bank Limited, with the symbol TRIBL, have been noted for multiple non-compliances under PSX Regulation 5.11.1., including but not limited to failure to pay dues (clause e) among others.

Should these companies fail to address the non-compliance issues by the newly set deadline, the PSX has warned of further actions under the provisions of PSX Regulation 5.11.2., which may include the issuance of a compulsory buy-back direction to sponsors or majority shareholders.

Furthermore, if the companies manage to rectify their non-compliance within the stipulated timeframe, they will remain listed in the PSX Defaulters' Segment under the noted non-compliances. Subsequent actions will then follow as per the requirements of the said regulations.

The PSX urges all concerned parties to take note of this development and the implications for the involved companies should they fail to comply by the April 29 deadline.