Lahore: Mahmood Textile Mills Limited ("MTML") has announced a significant strategic decision to sell its shares in Orient Power (Pvt) Ltd., a move aimed at boosting its business activities. The board of directors, in a meeting on 6th August, 2024, resolved to dispose of 87.34 million shares in Orient Power, a private entity. According to information available from the Pakistan Stock Exchange (PSX), this decision is part of the company’s broader strategy to enhance operational capabilities and fund new projects.
The company disclosed this decision in compliance with Section 96 and 131 of the Securities Act 2015 and clause 5.6.1(a) of PSX Regulations. The revenue generated from the sale is earmarked for reinvestment in core business areas, ensuring sustained growth and competitiveness in the market.
This disposal of shares represents a significant shift in Mahmood Textile Mills' asset management strategy, potentially impacting its financial positioning and operational focus in the coming years.
The disclosure was made to ensure transparency with certificate holders and maintain compliance with regulatory requirements. The move underscores MTML’s proactive approach to financial management and strategic realignment amid changing market dynamics.