Yousuf Weaving rejects default claims

By MG News | December 18, 2024 at 04:25 PM GMT+05:00

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December 18, 2024 (MLN): Yousuf Weaving Mills Limited (PSX: YOUW) has rejected allegations published in a media report on December 10, 2024, which stated that the company had been placed on the International Cotton Association's (ICA) defaulter list, barring it from participating in global cotton markets.

In an official statement, the company clarified that it has not defaulted on any transaction.

Instead, it attributed the ICA’s decision to a default by an associated undertaking.

The management of the company also mentioned that the ICA never formally communicated its decision to the company in writing.

The management reaffirmed its commitment to ethical business practices and maintaining its reputation in international markets.

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