Islamabad, Jan 3: The Board of Directors and shareholders of D.M. Textile Mills Limited (PSX: DMTX) have decided to change the company’s Principal Line of Business to real estate, as per a recent filing to the Pakistan Stock Exchange (PSX).
Key Developments:
- Change in Business Focus:
- The transition to real estate is underway with the Securities & Exchange Commission of Pakistan (SECP) and Corporate Registry Office (CRO).
- Rationale Behind the Shift:
- Directors believe this move will lead to greater prosperity for the company.
- Significant progress has been made, including paying off all long-term liabilities, showcasing the management’s intent to revive operations.
- Challenges and Requests:
- DMTX highlighted the detrimental impact of being listed in the “Defaulter Segment” and has requested the PSX to reconsider this classification.
- Current Operations:
- DMTX primarily deals with cotton, polyester, viscose, and blended yarn manufacturing, sales, and trading.
With the shift to real estate, DMTX aims to utilize its resources effectively and explore new avenues of growth.
