August 17, 2020 (MLN): Ravi Textile Mills has taken over the possession of Noman Cotton Ginning Factory situated Lalaka Road, Haroonabad District Bahawalnagar on August 13, 2020 and the agreed annual lease rent of cotton factory amount of Rs. 1,600,000 for the year 2020-2021 has been paid.
Thereafter, the company has started to make the necessary repairs and maintenance for commencement of cotton ginning operations from the start of cotton ginning season commencing September 2020.
To recall, the Board of Directors of Ravi Textile Mills Limited in their meeting held on August 12 had authorized the CEO of the company to sign a lease agreement and make refundable security deposit to its lessor, i.e. Noman Cotton Ginning Pressing Factory.
As per the agreement, the cotton ginning factory shall be handed over to the company on or before August 31, 2020 in time to make minor repairs and maintenance for the commencement of cotton ginning operations in September 2020.
