Ravi Textile Mills changes its principal line of business to 'Steel and Allied products'

MG News | March 12, 2021 at 04:02 PM GMT+05:00

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March 12, 2021 (MLN): The Board of Directors of Ravi Textile Mills Limited, in a meeting held today, has considered and resolved in-principle to change the Company's principal line of business to 'Steel and Allied products'.

The decision is subject to obtaining the requisite approvals and fulfilling regulatory steps, the company’s notice to PSX revealed.

Furthermore, in order to enter into this new business line and revive the Company, the Board resolved to explore the viability of acquiring certain assets, i.e. property, plant, and machinery from related parties, including authorizing persons to appoint a valuator to carry out a valuation/assessment of the same and enter into negotiations for such potential acquisition.

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