February 26, 2020 (MLN): The Board of Directors of Gul Ahmed Textile Mills Ltd. has authorized the company to formulate and propose the terms for a carve-out / hive-out of its local business segment (including retail business along with related assets) into a wholly-owned subsidiary and upon finalization of the same by the management, be presented to the Board of Directors for their consideration.

Furthermore, the company has also been authorized to incorporate a wholly-owned subsidiary for the purposes of the above and to appoint legal, financial and such other advisors and consultants as may be required for the purposes of the above.

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