FCEL, KSTM face buy-back order amid dues, compliance issues

MG News | November 12, 2024 at 11:39 AM GMT+05:00

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November 12, 2024 (MLN): The sponsors and majority shareholders of First Capital Equities Limited (PSX: FCEL) and Khalid Siraj Textile Mills Limited (PSX: KSTM) have been issued a compulsory buy-back directive due to their continuous failure to settle outstanding dues to the Exchange within the stipulated timeframe.

FCEL suspended commercial production in its principal line of business and failed to pay the outstanding exchange dues within the stipulated time.

Meanwhile, KSTM suspended commercial production in its principal line of business, failed to hold an AGM for the year ending June 30, 2024, and failed to transmit its annual audited financial statements for June 30, 2024.

Additionally, it failed to settle outstanding dues to the Exchange within the stipulated timeframe, and its statutory auditor has issued an adverse opinion in the audit report.

It is important to note that the deadline for these two companies to comply with this directive is November 25, 2024.

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