DSML returns to normal counter after compliance

October 22, 2024 (MLN): Dar-es-Salaam Textile Mills Limited (PSX: DSML) has addressed all non-compliance and hence it has been shifted to the Normal Counter of the Exchange with effect from October 22, 2024.

DSML was placed in the Defaulters' Segment due to non-compliance with PSX Regulations 5.1 1.1.(a) and (g) (formerly PSX Regulation No. 5.11.1.(b) and (1)), which include the suspension of commercial production/business operations in its principal line of business for a continuous period of one year.

Additionally, its statutory auditor issued an adverse opinion in the audit report for the year ended June 30, 2019. This was notified for the information of all concerned.

The auditor, Junaidy Shoaib Asad, Chartered Accountants, shared a certificate dated October 17, 2024, which was notified through PUCARS on October 21, 2024.

In this certificate, the auditor confirmed that the aforementioned issues raised by PSX in a notice dated February 06, 2019, have been rectified based on the following developments resulting from the reverse merger of TPL Life Insurance Limited with DSML:

1. DSML has altered its principal line of business to include insurance.
2. The previous adverse opinion has been addressed pursuant to a Scheme of Arrangement sanctioned by the High Court of Sindh.

DSML has been advised to ensure meticulous compliance of all applicable Rules and Regulations so that the interests of minority shareholders remain protected at all times.

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