AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: The Pakistan Stock Exchange (PSX) has issued a formal notice of non-compliance to two of its listed companies, Dossi Steels Limited and Beco Steel Limited, as of July 24, 2024, with a compliance deadline set for October 21, 2024.
According to information available from the Pakistan Stock Exchange (PSX), both companies have been cited for failing to adhere to Regulation 5.11.1.(d) concerning continuous business operations and accurate financial reporting. Dossi Steels Limited has been found to have suspended its principal production/business operations for over a year without rectifying this cessation, while Beco Steel Limited has not only failed to pay an imposed penalty but also received an adverse opinion in its audit report from the Exchange’s statutory auditor.
The non-compliance issues have prompted PSX to warn both firms that they have until October 21, 2024, to rectify these discrepancies or face further actions, which could include being marked as a Non-Compliant Segment or even entering a Winding-Up Segment, as stipulated under PSX Regulation 5.11.3(d). This measure is taken to ensure the integrity and transparency of market operations, safeguarding investor interests.
All stakeholders, including investors, other market participants, and regulatory bodies, are advised to note these developments, as they could impact the firms’ operational capabilities and market standing.