Nazir Cotton awaits electricity restoration as court case continues

MG News | October 03, 2024 at 11:34 AM GMT+05:00

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October 03, 2024 (MLN): Nazir Cotton Mills Limited (PSX: NCML) has reported that its case regarding the restoration of its electricity connection is pending before the Civil Court due to the health issues of WAPDA's lawyer, as detailed in its progress report for Q3 2024.

NCML communicated that it is expected that the re-connection of Electricity will be made in near future.

Accordingly, the company will be able to restart its commercial production of Spun Yarn.

Moreover, Goat Farm, which was started this year, has been operative, and the sale of goats, which was started in June 2023, is still continuing, and an increase in this sale is expected in the current year.

Due to the death of the chief executive of the company, there have been made major changes in the Board of Directors and in the management also, it shared.

In the election of the board of directors, new directors have been elected, and there is no previous old director on the board. AGM is expected in the month of October 2024, and it is expected that new management will make better decisions about the company's future.

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