Samin Textile Mills no longer a going concern

By MG News | September 22, 2020 at 04:50 PM GMT+05:00

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September 22, 2020 (MLN): The management of Samin Textile Mills on Tuesday informed Pakistan Stock Exchange that it was not possible to run the company at an economically viable level due to poor economic / market conditions for the textile sector and high energy costs.

In view of the aforesaid reasons, the company is not considered to be going concern.

This development emerged after the company dismissed the alternate business plan for being unviable due to the imposition of additional taxes on the textile sector.

It is pertinent to mention that the operations of the mills were suspended in September 2018, after the company reported accumulated losses of Rs. 401,651 million. Later on, members, through a special resolution, approved the disposal of all manufacturing-related assets of the Company in an EOGM held on October 26, 2018, and an alternate business plan for trading, import and, the export of textile products was adopted.

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