KOSM placed on ICA defaulter list despite no direct default

MG News | December 17, 2024 at 03:46 PM GMT+05:00

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December 17, 2024 (MLN): The International Cotton Association (ICA) has placed Kohinoor Spinning Mills Limited (PSX: KOSM) on the defaulter's list.

As per the news item published on December 10, 2024, KOSM has been prohibited from trading in the world cotton markets.

KOSM has not defaulted on any deal; rather, the company has been placed on the defaulters' list due to a default by our associated undertaking, the company's filing on PSX revealed today.

Additionally, ICA has never informed KOSM in writing of this decision.

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