Suhail Jute Mills revives asset sale plan, sets EOGM

July 22, 2026 (MLN): Suhail Jute Mills Limited (PSX: SUHJ) renewed efforts to dispose of its unutilized assets to settle outstanding obligations to creditors, including institutions that have secured decrees from the courts, according to the company's progress report for the quarter ended June 30, 2026.

The company has called an Extraordinary General Meeting (EOGM) on August 5, 2026, to seek shareholder approval for the proposed disposal of assets.

The company stated that there was no meaningful progress during the quarter in the sale of land, primarily due to the security situation and the prevailing political and economic uncertainties in Khyber Pakhtunkhwa.

It also noted that it went through a major upheaval following the demise of its Chief Executive and principal shareholder, Mian Sohail Farooq Shaikh, and its long-serving Company Secretary, Mr. Farzand Ali Khan Bangash.

As reported earlier, the company has assets available for sale following the merger of Colony Sarhad Textile Mills Ltd. with and into Suhail Jute Mills Limited.

The company added that its principal sponsors continued to substantially increase their financial stake and injected further funds to keep the company afloat during the quarter. According to the company's statement issued today.

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