Karachi September 4 2023: Hascol Petroleum Limited (HASCOL) has addressed the non-compliance of two clauses within the Pakistan Stock Exchange Regulations but remains in the defaulter segment, as indicated in the exchange's notification.
HASCOL has successfully convened its overdue Annual General Meeting and submitted its Annual Audited Financial Statements for the year ending December 31, 2022. Consequently, the non-compliances with PSX Regulations 5.11.1.(c) and (d) have been rectified.
However, due to the continued non-compliance with PSX Regulation 5.11.1 .(i), HASCOL will remain listed in the Defaulters' Segment until all non-compliances are rectified. This specific regulation stipulates that a Listed Company may be placed in the Defaulters' Segment if its statutory auditor issues a qualified opinion on the going concern assumption or provides a disclaimer or an adverse opinion in the audit report.