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Hascol Petroleum to Remain in Defaulter Segment

admin-augaf by admin-augaf
September 13, 2022
in Business, Finance, National, News
Reading Time: 2 mins read
0
HASCOL Management Believes Implementation of Restructuring Plan Can Turnaround Profitability

HASCOL Management Believes Implementation of Restructuring Plan Can Turnaround Profitability

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Karachi September 13 2022: Pakistan Stock Exchange informed that Hascol Petroleum Limited will remain in the Defaulter Segment despite submitting annual accounts and convened the AGM.

Earlier Pakistan Stock Exchange notified non-compliance of  PSX Regulations by  M/s.  Hascol  Petroleum  Limited  (“HASCOL”)  i.e.  failure  to  hold  its  Annual General   Meeting   and   submit   its   Annual   Audited   Financial   Statements   for   the   year   ended December  31,  2021  within  the  stipulated  time,  was  notified  for  information  of  all  concerned.

It  is  pertinent  to  mention  that  HASCOL  is  presently  quoted  in  the  Defaulters’  Segment  on  account  of non-compliances  of  three PSX Regulations namely failure to submit Annual Audited Accounts, Holding of AGM and Adverse Opinion by the Auditor.

In  this  context,  it  is  hereby  informed  to  all  concerned  that  HASCOL  has  submitted  its  Annual  Audited Financial  Statements  and  convened  the  overdue  AGM  for  the  year  ended  December  31,  2021.  In view thereof,  the  non-compliances  of  HASCOL  for the two of three PSX  Regulations  stands  rectified.

However,  as  a  consequence  of  non-compliance  of  PSX  Regulation regarding  adverse  opinion  issued  by the  statutory  auditor  in  the  audit  report  for  the  year  ended  December  31,  2021,  HASCOL  shall  continue to  be  quoted  in  the  Defaulters’  Segment  till  the  time  all  the  non-compliances  are  rectified.

Source: Pakistan Stock Exchange
Tags: Defaulter SegmentHASCOLOMCPetroleum SalesPSXVITOL
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