DSML receives Rs575mn as part of restructuring

MG News | November 30, 2021 at 04:28 PM GMT+05:00

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November 30, 2021 (MLN): The Board of Directors of Dar Es Salaam Textile Mills Limited (DSML) have received the highest offer of Rs575 million against the sale of land and building, the company’s filing on bourse revealed today.

The company will utilize the funds to settle its obligations towards lenders and other liabilities and implement its alternate business plan.

The acceptance is subject to the completion of corporate and legal formalities.

To recall, on April 10, 2021, the shareholders gave their approval to change the principal line of business and to make sure that the new principal line of the business is consistent with the name of the company, the shareholders resolved to change the name of the company to "DTM Real Estate Limited".

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