Mehmood Textile to liquidate 87.3m Orient Power shares

MG News | August 08, 2024 at 03:12 PM GMT+05:00

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August 08, 2024 (MLN): The board of Mehmood Textile Mills Limited (PSX: MEHT) has approved the sale of its 87.34 million shares in Orient Power (Pvt) Ltd.

The company shared the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

Moreover, it said that the revenue generated from the proceeds of these shares may be utilized for business activities.

MEHT is principally engaged in manufacture and sale of yarn, grey cloth, and generation of electricity.

The company generated a revenue of Rs54.63 billion in financial year 2023, while its profit stood at Rs1.2bn.

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