Redco Textiles to revive its weaving unit this month

MG News | December 12, 2018 at 12:26 PM GMT+05:00

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December 12, 2018 (MLN): Redco Textiles Limited (REDCO) has decided to resume production in its weaving unit from December 26, 2018, reveals an official announcement issued by the company to the Pakistan Stock Exchange (PSX), earlier today.

After the company’s Board of Directors reviewed the market situation in the best interest of shareholders, it decided to go with the aforementioned decision to curtail the maximum loss.

The Board also considered the situation of the industry and its own production plans, concluding that due to reduction in RLNG prices, the cost of conversion will reduce significantly thereby making it feasible for management to run the weaving unit.

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