Another listed company in hot water, trading at risk

Nilam Bano | December 02, 2025 at 11:40 AM GMT+05:00

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December 2, 2025 (MLN): Zuma Resources Limited (ZUMA), formerly known as Bilal Fibres Limited, has faced additional regulatory actions from the Pakistan Stock Exchange (PSX) for failing to meet key corporate governance deadlines.

In a notice issued, the exchange mentioned that ZUMA failed to hold its Annual General Meeting (AGM) and did not submit its Annual Audited Financial Statements for the fiscal year ended June 30, 2025.

It is important to note that Zuma is already placed in the Non-Compliant Segment for previous violations of PSX Regulations.

Effective December 02, 2025, the company’s entry in the Daily Quotations will now also reflect non-compliance.

The PSX has outlined a clear path of escalation if the company does not rectify the situation:

Risk Warning: If Zuma fails to hold the meeting or transmit the financial statements by June 02, 2026 (six months from placement), a Risk Warning Alert (RWA) will be issued.
Suspension: If the company fails to hold its AGM or submit financials for two consecutive years, the exchange will move to suspend trading in the company's shares.

The exchange also noted that Zuma’s case has already been forwarded to the Securities and Exchange Commission of Pakistan (SECP) regarding previous regulatory breaches.

ZUMA Regulatory Status

Non-Compliance Ground	PSX Regulation	Details	Next Regulatory Action
AGM Default	Clause 5.11.1.(b)	Failed to hold Annual General Meeting (AGM) for the year.	Risk Warning Alert (RWA) if not held by June 02, 2026 (6-month deadline).
Financial Reporting	Clause 5.11.1.(c)	Failed to submit Annual Audited Accounts for year ended June 30, 2025.	Risk Warning Alert (RWA) if not submitted by June 02, 2026.
Trading Suspension	Clause 5.11.1.(b) & (c)	Long-term failure to hold AGM or submit accounts.	Suspension of Trading if failure continues for 2 consecutive years.
Existing Defaults	Clause 5.11.1.(a), (d), (g)	Previously identified non-compliances.	Case regarding Clause 5.11.1.(d) has already been forwarded to the SECP.

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