Karachi November 6 2024: Al Shaheer Corporation Limited (ASC) has been placed in the Non-Compliant Segment by the Pakistan Stock Exchange (PSX) after failing to hold its Annual General Meeting (AGM) and submit its Annual Audited Financial Statements for the financial year ending June 30, 2024.
This non-compliance is in violation of PSX Regulations 5.11.1.(b) and (c).
According to the regulations, listed companies may be classified as non-compliant if they fail to hold at least one AGM or Annual Review Meeting (ARM) as required by law. Companies placed in this segment are subject to further regulatory actions if they do not address these issues within specified timeframes.
The following penalties apply under PSX Regulations:
- If a company fails to hold its AGM or ARM within six months after being placed in the Non-Compliant Segment, a Risk Warning Alert will be issued.
- Should the non-compliance extend for two consecutive years, PSX may suspend trading in the company’s shares, with an additional period of up to 90 days granted for rectification.
- A similar rule applies for the failure to submit annual audited financial statements. Six months of continued non-compliance will result in a Risk Warning Alert, while two years of non-compliance will trigger a trading suspension.
ASC is required to address these compliance issues by November 6, 2024. If it fails to hold the AGM or submit the required financial statements by May 6, 2025, a Risk Warning Alert will be issued. Continued non-compliance could lead to suspension of trading in ASC shares if these requirements remain unmet for two consecutive years.
