Samin Textiles to dispose-off its factory assets to repay its liabilities

November 8, 2018 (MLN): Samin Textiles Limited has resolved, in its Extra Ordinary General Meeting (EOGM) held on October 26, 2018, to dispose-off all its factory assets pertaining to production, and to repay all its long term and short term external loans through proceeds generated by sale of assets.

Moreover, the company has decided to incorporate changes in its memorandum of association to update its objectives for an alternative business plan pertaining to trading of raw materials and finished goods in textile sector.

In a formal notification issued to the Pakistan Stock Exchange (PSX), the company has divulged that during the year ended June 30, 2018, it had net current liabilities worth Rs.133.4 million and a capital deficiency amounting to Rs.701.2 million.

The notification further added, that the comprehensive loss for the year accounted for Rs.701.2 million and the company is currently sustaining operating losses, since many years.

Subsequent to the year end, in order to curtail its losses, the company’s board had decided in a meeting on September 17, 2018, to cease all operations related to production of cloth, from September 20, 2018.

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