SEPL declared listed Public Sector Company by SECP

February 11, 2025 (MLN): Security Papers Limited (PSX: SEPL) has declared that the Securities and Exchange Commission of Pakistan (SECP) Appellate Bench, in its order dated February 7, 2025, has determined SEPL as a listed Public Sector Company (PSC) based on the shareholding of certain entities.

The order was received via email on February 10, 2025, in the second half, the company's filing on PSX revealed today. 

However, SPL maintains that it does not fall within the definition of a PSC under the Companies Act, 2017, and reserves the right to challenge the Appellate Bench order before a competent court of law.

SPL has informed its members, shareholders, and stakeholders that, following its previous disclosure on January 31, 2024, the SECP, through its order dated January 26, 2024, had classified the company as a Public Sector Company (PSC).

The company contested this adjudication and challenged the determination in Appeal No. 14 of 2024 before the SECP Appellate Bench.

Copyright Mettis Link News