HASCOL, SLL to shift from defaulters' to winding-up segment

July 25, 2024 (MLN): Hascol Petroleum Limited (HASCOL) and SME Leasing Limited (SLL), currently listed in the Defaulters' Segment, will soon be moved to the Non-Compliant or Winding-up Segment due to non-compliance with PSX regulations.

The Pakistan Stock Exchange (PSX) updated market participants on this development through a notice issued yesterday.

According to the filing, SLL failed to hold its Annual General Meeting (AGM) and submit its annual audited financial statements for the year ended December 31, 2023. Its statutory auditor has issued a disclaimer opinion in the audit report.

Similarly, HASCOL also failed to hold its AGM and submit its annual audited financial statements for the year ended December 31, 2023.

Additionally, its statutory auditor has issued an adverse opinion in the audit report.

PSX further mentioned that both the referred companies shall remain quoted in the Defaulters' Segment until complete rectification of non-compliance.

It is noteworthy that HASCOL held its AGM yesterday, where shareholders approved the annual audited financial statements, along with the directors' and auditors' reports.

However, the PSX issued the notice of non-compliance after HASCOL had already filed its AGM documentation with the local bourse.

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