Amtex Textile Limited announced on Wednesday the sale of two lands to pay off its debt.
The company, in its notice to the Pakistan Stock Exchange (PSX) said that with the consent of shareholders, the land measuring 165 Marlas situated at Chak 204 R.B. Raza Garden Canal Road, Faisalabad and land measuring 6 Kanal 2 Marlas situated at Chak 120 J.B. Sargodha Road, Faisalabad, will be sold.
During the meeting, the company also resolved “that part and parcel of the foregoing consent, the Board of Directors be and is hereby authorised and empowered for Assets Sale”.
“The Board may delegate its powers to the Chief Executive Officer or Director, including with or without any Director of the Company or any other person on such terms and conditions they deem fit, to act on behalf of the Company in doing and performing all acts, matters, things and deeds to implement and/or give effect to the Assets Sale.”
Amtex is one of the leading textile manufacturing groups in Pakistan.
It is a vertically integrated group with operations in all sectors of the textile industry, from spinning to stitching.
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