PSX withholds action against PECO after company submits cheque for penalty
Pakistan Engineering Company Limited (PSX:PECO) has avoided immediate action from the Pakistan Stock Exchange (PSX) after it submitted a cheque for the penalty it had earlier failed to pay, with the exchange holding back compulsory buy-back directions to its majority shareholders and sponsors until the cheque clears. If the company fails to fix the non-compliance, PSX will issue the buy-back directions to the sponsors having control of the company. If PECO does rectify it, the Risk Warning Alert (RWA) against it will be withdrawn, although the company will stay in the Non-Compliant Segment.