Karachi August 5 2022: Pakistan Stock Exchange has placed M/s. Apna Microfinance Bank Limited (“AMBL”) in Defaulter’s Segment according to notification issued at exchange.
The Bank has failed to hold its Annual General Meeting and submit its Annual Audited Accounts for the year ended December 31, 2021.
A listed company may be placed in the Defaulters’ Segment if It has failed to hold its one Annual General Meeting as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b). However, if such company fails to hold its Annual General Meeting for two consecutive years, trading in shares of the company shall be suspended by the Exchange and the company shall be given 90 days to rectify the noncompliance, failing which, the Exchange shall initiate further actions against the company commencing from Regulation 5.11.2(e).
It has failed to submit its annual audited accounts for the immediately preceding financial year as per law; Upon placement of such company on the Defaulters’ Segment, the Exchange shall only initiate actions under Regulation 5.11.2(a) and 5.11.2(b). However, if such company fails to submit its annual accounts for two consecutive years, trading in shares of the company shall be suspended by the Exchange and the company shall be given 90 days to rectify the noncompliance, failing which, the Exchange shall initiate further actions against the company commencing from Regulation 5.11.2(e).”
In line with the requirements of PSX Regulations 5.11.1. (c) & (d), AMBL is being placed in the Defaulters’ Segment of the Exchange with effect from August 04, 2022.
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