Karachi, Mubarak Textile Mills Limited informed Pakistan Stock Exchange that in term of Section 26 and 27 of the Companies Act, 2017 a company can enter into any lawful business for the purpose of earning income.
In account of depressed business situation in Pakistan, the Company resorted to the business renting out it premises and earning income from property which is recognized mode of income under the income tax ordinance, 2021.
The company is a publicly quoted firm based in Pakistan that is active in the textile industry. Its core business is the design, manufacture and distribution of made-up textile articles. The company is primarily involved in the production of household textile products such as bedspreads, sheets, tablecloths, linen, towels, carpets, and shower curtains, from purchased materials. The firm principally conducts its business operations within the country.
The symbol “MUBT” is being used by the stock exchange for the Mubarak Textile Mills Limited.