April 12, 2023 (MLN): The management of Dar-es-Salaam Textile Mills Limited (PSX: DSML) is currently finalizing various business options, including a change in its principal line of business and a change in its name as part of the restructuring process, the progress report issued by the company revealed today.
The company aims to implement an alternate business plan in order to revive its fortunes and regain its position as a leading player in the market.
Meanwhile, approval for these changes will be sought before the end of the current financial year.
The move came as the company faces increasing competition from both domestic and international players in the textile industry.
The proposed restructuring and change in the business plan are anticipated to provide a much-needed boost to the company's fortunes.
The management team of the company is confident that these changes will result in a significant improvement in its financial performance and help it stay competitive in the market.
