January 10, 2024 (MLN): The management of Jubilee Spinning and Weaving Mills Limited (PSX: JUBS) is constantly pursuing a No Objection Certificate (NOC) to be received from the National Bank of Pakistan (NBP) which is the only requirement for the approval of Form-26 related to change of company name, the company informed through a progress report issued to local bourse today.
Changing the company's name satisfies a condition of the Securities & Exchange Commission of Pakistan (SECP) and enables us to amend our Memorandum of Association, it added.
"As soon as we receive this NOC from NBP, we will submit the same to the SECP and then apply for a Certified True Copy of Memorandum of Association to the SECP," the report reads.
All legal requirements related to the change of the principal line of business of the company and the change of company name have been completed at management's end, it further informed.
The management further assured to address any questions or observations the PSX may have.
In addition, the company in another notification, expressed its lack of awareness regarding the reason behind the unusual movement in its share prices during the recent sessions.
The management attributed this increase to the significant rise in the KSE 100 index and suggested that it could be a result of investment actions taken by market participants based on the company's published financial information.
The principal objective of the company is to engage in the business of manufacturing and selling yarn, buying, selling and otherwise dealing in yarn and raw cotton. The company also operates electric power generation facilities which generate electricity for use within the production site.
