Placement in defaulter segment will destabilize revival process: DMTX says

January 12, 2022 (MLN): The management of the D. M. Textile Mills Limited (PSX: DMTX), in a notification to exchange, stated that the placement of the company "on defaulter segment" at this stage of difficult environment would destabilize the process of revival of the company.

The company needs support and encouragement from PSX and assure that the company will be on the revival path in due course of time, it added.

Ever since the beginning of the year 2021, the management has been pursuing to move forward but could not initiate the process due to continuous new waves of COVID-19. A new virus OMICRON has now emerged and is spreading at a faster speed than the early viruses and has also reached Pakistan. As a result, we have been constrained to slow down and delay the matter, it noted.

Regarding the auditor’s report, the management said, “We are planning ahead and revival of our business activities. We are confident that as soon as the business environment improves, with the expected revival of the company, all the negative observations of the auditors will come to an end.”

The notification further added that the company has been able to repay all of its long-term liabilities of the banks.

Regarding the auditor’s report, the management said, “We are planning ahead and revival of our business activities. We are confident that as soon as the business environment improves, with the expected revival of the company, all the negative observations of the auditors will come to an end.”

The notification further added that the company has been able to repay all of its long-term liabilities of the banks.

Furthermore, the management also informed that the company on October 27, 2020, in its Annual General Meeting resolved that the principal line of the business shall be to erect, maintain, alter, extend and purchase plant and machinery for textile manufacturing.

Given this, the company further resolved that the new proposed name of the company will be "D. M. Textile Mills Limited" so as to reflect its principal line of business.

All the legal formalities for the principal line of business and change of name of the company have been implemented, it said.

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