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Johnson & Phillips Pakistan requests PSX to remove its name from Defaulters’ Segment

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February 19, 2021 (MLN): Johnson & Phillips Pakistan Limited has requested the Pakistan Stock Exchange to remove its name from the Defaulters’ Segment, as the discrepancy due to which the company was placed on the Defaulters’ Segment has been rectified.

‘With respect to your observations pertaining to financial year 2019-20, it is respectfully sheweth that let alone Pakistan, the entire global economy has been adversely affected. It is stated that the Company’s new management is strategically tackling the challenges in phases. The first phase involves cleaning up the old issues and settling of pending liabilities, a substantial portion of which has already been settled which is a great progress. The audited financial statement of June 30, 2020 is a clear evidence of the same’, the company told PSX in an official notification.

‘Simultaneously, the Company has commenced work on the second phase i.e. making all efforts to commence trading and textile activities for which negotiations are underway with concerned vendors and financial institutions. Had it not been for COVID-19, the Company would have been on track to implement the second phase smoothly’, it added.

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Posted on: 2021-02-19T18:46:00+05:00

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