Karachi October 24 2024: Pakistan Stock Exchange informs that nine companies including one cement and Four Dewan group companies have not paid exchange fees for last two years.
The companies in the Defaulters’ Segment (soon to be renamed as the Non-Compliant or Winding-Up Segment) due to various violations of PSX regulations, have also failed to pay their Annual Listing Fee (ALF) for two years.
As a result, a new violation under PSX Regulation 5.11.1.(d) has been added for these companies in the daily reports of the Exchange. These companies include Amtex Limited, Dadabhoy Cement Industries Limited, Dewan Automotive Engineering Limited, Ruby Textile Mills Limited, Crescent Jute Products Limited, Dewan Textile Mills Limited, Dewan Mushtaq Textile Mills Limited, Dadabhoy Sack Limited and Dewan Khalid Textile Mills Limited.
According to PSX Regulation 5.11.8, when a company has multiple reasons for being placed in the Non-Compliant or Winding-Up Segment, the Exchange will act based on the reason that leads to the earliest suspension or delisting. As a result, the companies listed above from Amtex Limited to Dewan Textile Mills Limited (Sr. No. 1 to 6) are required to fix the issue related to the non-payment of the Annual Listing Fee within 90 days, by January 22, 2025. If they fail to do so, further action will be taken, including issuing a Risk Warning Alert against them.
Additionally, Dewan Mushtaq Textile Mills (DMTM) has already been given time until October 28, 2024, to resolve other violations, including not holding an Annual General Meeting and failing to submit audited financial statements. If they don’t comply, their shares may be suspended after two years of non-compliance.
Finally, the shares of Dadabhoy Sack Limited and Dewan Khalid Textile Mills Limited are already suspended due to other violations, and necessary actions have already been taken by the PSX in these cases.
PSX inform that if the companies correct their non-payment issue by the deadline, they will remain in the Defaulters’ Segment (or the renamed Non-Compliant or Winding-Up Segment) based on their other violations.
