DMTX board proposes shift to real estate as principal business line

October 04, 2024 (MLN): The Board of Directors of D.M. Textile Mills Limited (PSX: DMTX) has recommended changing the principal line of business to real estate, after evaluating the available resources.

DMTX, in its progress report issued to PSX today, stated that directors are hopeful that by adopting new principal line of business, the company will prosper.

Furthermore, the directors' recommendations will be presented to the members for their consideration and approval at the upcoming Annual General Meeting.

In the current economic and political environment, the management shared that it is continuously trying its best to utilize the available resources.

The company has been able to pay-off its entire long term liabilities of the financial institutions which is a great achievement.

Likewise, the management has positive intentions and the capability to revive the company.

"In the given circumstances, we feel that placement of the Company on "defaulter segment" at this stage is aggravating in our problems," it said.

Later, the company sought support from the Exchange and requested that it consider removing its name from the defaulter segment.

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