Amtex Limited plans to dispose of its complete Spinning Division in Faisalabad

By MG News | October 29, 2020 at 03:32 PM GMT+05:00

0:00

October 29, 2020 (MLN): The Board of Directors of Amtex Limited in its meeting held today, considered and discussed the plan for disposal of Company's complete Spinning Division situated at

30 KM Sheikhupura Road Faisalabad.

This includes its Land, Building, Plant & Machinery, equipments and all other assets installed therein as a part of debt restructuring plan under negotiations between the company and its lender banks.

The Board further authorized Company’s CEO Mr. Khurram Iftikhar to discuss, consider and finalize the debt repayment / restructuring plan with the Banks of the company in the best interest of the company and its stakeholders.

The Board also decided that the finalization of above plan is subject to shareholders' approval in the Extra Ordinary General Meeting. The schedule of meeting will be intimated to the exchange as per its listing regulations at the relevant point of time, company’s notice to PSX revealed.

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