Karachi, Colony Textile Mills Limited informed Pakistan Stock Exchange that the Board of Directors of the Company in its meeting held on June 29, 2021 has approved an equity investment of up to Rs 99,000,0001 in its wholly owned subsidiary “Stitch rite (Private) Limited” through subscribing the 9,900,000 shares of Rs. 10/- each against right offer made by Stitch rite (Private) Limited in accordance with the provisions of the Companies Act, 2017,and subject to the compliance with all statutory and legal requirements.

Colony Mills Limited (CML) was established as a textile manufacturing unit on September 21, 2005 and absorbed “Colony Textile Mills Limited” in 2006. Colony Textile Mills Limited was the principal company established as a textile manufacturing unit in 1946. CML’s expertise, primarily, lies in production, manufacturing and sale of different types of yarns of various counts. The company has a healthy portfolio of income generating assets that crossed total revenues over 13 Billion rupees for the year ended June 30, 2011.

The symbol “CTM” is being used by the stock exchanges for the Colony Textile Mills Limited.