GLOT shareholders file suit to cancel SPA with OBS Pakistan

MG News | June 11, 2025 at 02:54 PM GMT+05:00

0:00

June 11, 2025 (MLN): Shareholders of Globe Textile Mills Limited (PSX: GLOT) have filed a civil suit in the court of the VIII Senior Civil Judge, Karachi South, seeking the cancellation of the Share Purchase Agreement (SPA) executed on July 27, 2018.

The agreement involved the sale of 13.41 million ordinary shares, constituting 81.98% of the total issued and paid-up share capital of the company, to OBS Pakistan (Private) Limited, the company's filing on PSX revealed today.

The suit claims that OBS failed to fulfill its obligations under the agreement and demands its cancellation along with the recovery of related amounts.

The shareholders include Arshad Arif, Farzana Arif, Maheen Arif, Humaira Arshad, Misbah Taha Kanchwala, and Saman Fahim Memon.

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