Karachi: In a strategic move to revitalize its operations, Pak Leather Crafts Limited announced a series of decisions during its board meeting on October 4, 2024, including the downsizing of current operations and the disposal of significant assets. The decisions aim to streamline the company's business model amid evolving market dynamics.

The board has proposed resizing the company's existing manufacturing operations, diversifying into warehousing, or supply chain management. Additionally, an alternative strategy involves the disposal of the company's assets located at Plot 18, Sector 7-A Korangi Industrial Area, Karachi. This property includes leasehold land and plant and machinery, which may be sold to ensure the continuation of business activities without interruption. According to information available from the Pakistan Stock Exchange (PSX), this move is designed to make the company more economically viable and responsive to industry demands.

These strategic changes are subject to shareholder approval in accordance with Sections 134 and 183(3) of the Companies Act, 2017. The company has committed to furnishing more detailed information to its shareholders through the notice of an annual general meeting scheduled for October 7, 2024.

The board's decisions reflect a significant shift in Pak Leather Crafts Limited's operational focus, aiming to stabilize the company's financial health and ensure sustainable growth in the competitive leather manufacturing sector.