Gul Ahmed to expand sustainability efforts with 4 new wholly owned subsidiaries
MG News | March 14, 2025 at 10:19 AM GMT+05:00
March 14, 2025 (MLN): The board of directors of Gul Ahmed Textile Mills Limited (PSX: GATM) has approved the formation of four wholly owned subsidiaries to undertake specialized textile operations under sustainable practices.
The purpose is to transition to renewable energy sources and meet the export market requirements for sustainability.
Each subsidiary will operate as a private limited company under the Companies Act 2017, with GATM holding 100% of the shares, the company's filing on PSX revealed today.
The subsidiaries will comply with all applicable Securities and Exchange Commission of Pakistan (SECP) regulations, including filings under Companies Act 2017.
The company's management is exploring ways to expand and enhance its business operations in an evolving environment.
As part of this initiative, they are considering conducting textile operations under sustainable practices to meet customer requirements and transitioning towards renewable energy sources to reduce dependence on fossil fuels.
The company is authorized to incorporate each subsidiary as a private limited company, with names as may be determined and approved by the authorized representative.
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