Pak Leather Crafts to downsize operations, diversify

MG News | October 04, 2024 at 04:22 PM GMT+05:00

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October 04, 2024 (MLN): The board of directors of Pak Leather Crafts Limited (PSX: PAKL) met today and decided to downsize current operations and diversify into other lines of manufacturing, warehousing, or supply chain management.

According to a notice issued by the company to the PSX today, the board has decided to consider an alternative option to dispose of the company’s assets located at Plot 18, Sector 7-A, Korangi Industrial Area, Karachi.

These assets include leasehold land, a building on leasehold land, and plant and machinery.

Additionally, a portion of these assets will be acquired from the prospective purchaser to ensure the continuation of uninterrupted business and manufacturing activities.

This decision is subject to the necessary approval from shareholders and compliance with other corporate formalities, including regulatory approvals.

"We shall furnish more detailed information to shareholders etc. through notice of annual general to be held on October 07, 2024," the notice concludes.

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