The Pakistan Stock Exchange (PSX) has placed Al Shaheer Corporation Limited (ASC) on the defaulter’s segment with effect from November 6, 2024.
The main bourse explained, “Where a Security that has been quoted on the defaulter’s segment of the Exchange and notified to the Company, such Security shall not be eligible for trading in the SLB Market from the date it has been placed on the defaulter segment. However, all open SLB Contracts shall be released on Accelerated Maturity Date and/or Maturity Date as the case may be. In case where such Security is reinstated during the review period, trading in SLB Market shall not be allowed during that review period.”
“Where a MSF Eligible Security has been placed on the defaulter segment of the Exchange and notified to the Company, such Security shall not be made available for Murabaha Share Financing from the date of its placement on the defaulter segment. However, all open MSF Transaction shall be settled as per the terms and conditions defined in the Murabaha Master Agreement agreed between MSF Participants. Such MSF Eligible Security shall be eligible for Murabaha Share Financing once it has been removed from the defaulter’s segment by the Exchange,” it said.
Accordingly, in pursuance of provisions stipulated in the above-referred clauses of NCCPL Regulations, 2015, M/s. Al Shaheer Corporation Limited shall be excluded from the list of SLB Eligible Securities, MF Eligible Securities, and MSF Eligible Securities with effect from November 06, 2024, PSX added.
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