Karachi: Fateh Industries Limited, a key player in the industrial sector, has announced its decision to delist from the Pakistan Stock Exchange (PSX). This decision was disclosed following an annual evaluation of the company's Board of Directors as mandated by the Listed Companies (Code of Corporate Governance) Regulations, 2019, for the fiscal year ended June 30, 2024.

The evaluation, aimed at measuring and enhancing the Board's overall performance and effectiveness, deemed the board's functioning as satisfactory, having met the company's strategic objectives and governance benchmarks. Notably, the Board received comprehensive agendas and materials in a timely manner, allowing for robust decision-making processes throughout the year.

According to information available from the Pakistan Stock Exchange (PSX), a formal application for delisting has already been submitted and is under consideration. The move to delist reflects strategic shifts within the company aimed at optimizing operations and aligning with long-term planning.

The Chairman of Fateh Industries Ltd. has expressed gratitude towards management and shareholders for their trust and confidence, ensuring that the Board will continue to steer the company towards its goals, despite the upcoming delisting.