SANE faces operational setbacks on banking disputes

January 06, 2024 (MLN): Salman Noman Enterprises Ltd (PSX: SANE) is actively engaged in negotiations to resolve banking-related issues as ongoing legal disputes with the banking partners resulting in operational delays.

The aforementioned information was revealed by the company's quarterly Progress Report for the quarter ended December 2024, the company's filing on PSX revealed today.

"The market remains volatile, influenced by fluctuating economic indicators and changing consumer behavior", the report reads.

This instability has affected the company's operational capacity and financial planning, it added.

The broader economic landscape continues to pose challenges, with inflationary pressures and reduced consumer spending impacting SANE's revenue streams, it further said.

While the current landscape presents significant challenges, the management of the company is committed to overcoming these obstacles and restoring full operational capacity, the report further added.

SANE was incorporated in Pakistan on November 05,1985 as a Public Limited Company under the companies ordinance, 1984 (Now Companies Act, 2017).

The principal business of the company is to manufacturing and sale of yarn.

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