Samin Textiles sells its freehold property to Style Textiles Ltd to clear off debt
MG News | November 14, 2018 at 11:45 AM GMT+05:00
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November 14, 2018 (MLN): Samin Textile Mills (SMTM) has sold its freehold land and building to M/s Style Textile Private Limited for a total consideration of PKR 714 million, in order to repay its long term and short term external loans through proceeds generated by sale of assets. Plant and Machinery and other assets will be sold separately to the private firm.
The company had earlier resolved in its Extra Ordinary General Meeting (EOGM) held on October 26, 2018, to dispose-off all its factory assets pertaining to production in order to clear off its long term and short term liabilities.
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