PAKISTAN
The Excise and Taxation Department, Government of Punjab, has sealed the factory premises of Pakistan Engineering Company Limited (PECO) due to non-payment of property tax amounting to PKR 1.9 million, according to a material information disclosure submitted to the Pakistan Stock Exchange (PSX).
The company stated that its management is actively engaging with the relevant authorities to resolve the matter and restore access to the factory offices, aiming to avoid disruption of administrative functions.
Additionally, PECO has not proceeded with its previously announced Right Issue, originally scheduled for January 21, 2025. This delay follows directives from the Securities and Exchange Commission of Pakistan (SECP), which cited concerns in two separate proceedings.
The SECP’s restriction was based on regulatory limitations due to the company’s name appearing in the Credit Information Bureau (CIB) report in connection with an overdue liability. PECO clarified that the proposed Right Issue was intended to address such compliance concerns, and it is actively pursuing representation to resolve the matter.
The company assured that shareholders will be kept informed of all significant developments as the situation progresses. – ENGINEERING REVIEW
