PSX shifts SMTM to “Normal Counter”

MG News | February 21, 2022 at 11:03 PM GMT+05:00

0:00

February 21, 2022 (MLN): Samin Textile Limited (SMTM) shall be shifted to the “Normal Counter” of the Exchange with effect from Tuesday, February 22, 2022, PSX said in a notice issued on Monday.

To recall, PSX had placed SMTM in the Defaulters’ Segment on November 3, 2020, on account of a default of PSX regulation i.e. suspended commercial production/business operations in principle line of business for a continuous period of one year was notified by PSX for information of all concerned.

In this context, KPMG Taseer Hadi & Co. (Auditor of SMTM) has shared the certificate with PSX dated February 18, 2022, confirming that SMTM has resumed its business operations in line with its memorandum and articles of association, hence, rectifying the default of said regulation.

SMTM 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, the notice added.

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