Petition withdrawal likely to revive Globe Textile

MG News | January 24, 2022 at 02:01 PM GMT+05:00

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January 24, 2022 (MLN): Globe Textile Mills Limited (GLOT) has informed through a notice to exchange that the company has been actively following up with the Securities and Exchange Commission of Pakistan (SECP) for withdrawal of the winding-up petition to revive the company.

As soon as the winding-up petition is withdrawn by SECP, the company would be able to finalize discussions with potential investors for a revival plan within a short span of time.

On the financial front, the company had incurred net losses of Rs0.112 million during the first quarter ended September 30, 2021, due to the charge of depreciation and payment of fixed overheads.

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