Key Takeaways
- The Pakistan Stock Exchange (PSX) has extended the trading suspension for five companies for another 60 days.
- The companies, including Abson Industries and English Leasing, failed to rectify issues such as non-payment of dues and non-holding of AGMs.
- All five companies are facing winding-up petitions and other non-compliance issues.
The Pakistan Stock Exchange (PSX) has extended the trading suspension for five listed companies for another 60 days, effective from September 21, 2026. The companies, which include Abson Industries Limited, English Leasing Limited, Sadoon Textile Industries Limited, Hakkim Textile Mills Limited, and Suraj Ghee Industries Limited, have not addressed the issues that led to their initial suspension.
According to the PSX, the companies failed to hold their annual general meetings, submit annual audited accounts, and pay outstanding dues to the exchange. Additionally, Abson Industries did not induct its ordinary shares into the Central Depository System (CDS).
English Leasing faces a winding-up petition filed by the Securities and Exchange Commission of Pakistan (SECP) and other outstanding non-compliance issues. Sadoon Textile Industries also failed to induct its ordinary shares into the CDS and is facing SECP's order to initiate winding up proceedings.
Hakkim Textile Mills failed to induct its shares into the CDS and is subject to a winding-up petition filed by the SECP. Suraj Ghee Industries faces similar issues and is also subject to winding-up petitions by the SECP and the company’s creditors.
The decision to extend the trading suspension was made under Subsection (7) of Section 19 of the Securities Act, 2015, and Clause 5.11 of the PSX Regulations. The PSX stated that trading will remain suspended until the causes of suspension are rectified or for another 60-day period.
The PSX's action is aimed at ensuring compliance with the regulations and maintaining the integrity of the stock market. The companies are required to address the issues within the given timeframe to resume trading.
The PSX has emphasized the importance of compliance with regulatory requirements, stating that non-compliance can lead to severe consequences, including the suspension of trading and potential winding up of the companies.
The companies have been given a final opportunity to rectify the issues and comply with the regulations. Failure to do so could result in further legal action and financial penalties.
