Ravi Textile Mills fails to obtain the leased cotton factory due to ongoing pandemic

MG News | April 09, 2020 at 12:49 PM GMT+05:00

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April 9, 2020 (MLN): Ravi Textile Mills has informed the members of PSX that it has not obtained the cotton ginning factory as part of the lease agreement, due to the prevailing situation as a result of Coronavirus pandemic disease (COVID-19).

To recall, the Board of Directors of the company, in their meeting held on October 8, 2019, had approved to obtain a cotton ginning factory in Basti Mithu, Tehsil Shujaabad, District Multan on lease.

Hence, lease agreement with Ali Cotton Industries has been signed and refundable/adjustable security deposit of Rs. 1 million has been made to the lessor.

The cotton ginning factory was to be handed over to the company on or before March 31, 2020 in time to make necessary repairs and maintenance for commencement of cotton ginning operations from the start of cotton ginning season commencing September 2020.

The company is continuing to monitor the situation and shall take appropriate steps in due course of time.

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