January 10, 2022 (MLN): Khalid Siraj Textile Mills (PSX: KSTM) has requested the Pakistan Stock Exchange (PSX) to remove its name from the defaulter’s segment along with unfreezing suspension of trading the shares as the company is running its operations smoothly, the company’s progress report said today.
The notification further mentioned that significant portion of rentals is withheld by the tenant for overhauling of plant and machinery replacement of old machinery parts. Pursuant to this, Rs13.20 million has been spent on upgrading of plant and machinery.
To recall, on September 15, 2021, the company informed the bourse that agenda of commercial production was resolved by letting out on lease to M/s ASM Industries (Private) Limited, recommended by the board of directors and approved by the company's members in Extraordinary General Meeting held on April 30, 2021.
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