JUBS makes significant progress on NOC approval

MG News | January 07, 2025 at 12:02 PM GMT+05:00

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January 07, 2025 (MLN): The management of Jubilee Spinning & Weaving Mills Ltd (PSX: JUBS) has made good progress in getting a No Objection Certificate (NOC) from the National Bank of Pakistan (NBP).

The aforementioned information was revealed in JUBS's Progress Report, the company's filing on PSX revealed today.

JUBS is sure to receive the NOC from NBP very soon, which is the only remaining requirement for the approval of Form-26 related to the change of company name, the report added.

As soon as JUBS receives this NOC from NBP, the company will submit the same to the Securities and Exchange Commission of Pakistan (SECP), it reads.

Afterward, JUBS will apply for a Certified True Copy of the Memorandum of Association to the SECP, it further noted.

The principal objective of the company is to engage in the business of manufacturing and selling of 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.

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