KARACHI: D.M. Textile Mills Limited, in a recent communication with the Pakistan Stock Exchange (PSX), has announced a proposed shift in its principal business line from textiles to real estate. This strategic pivot will be deliberated upon for approval during the upcoming Annual General Meeting scheduled for later this month.

The Board of Directors, after evaluating the company's available resources and current economic conditions, believes that transitioning into the real estate sector could bolster the company's prospects. According to information available from the Pakistan Stock Exchange (PSX), the directors have placed their recommendations for this significant change before the members for consideration.

In the same correspondence, D.M. Textile Mills Limited highlighted its recent achievements, including the successful settlement of its long-term liabilities with financial institutions—a move viewed internally as a substantial progression towards revitalizing the company's operations.

However, the company is currently listed in the "defaulter segment" of the PSX, which it argues exacerbates its operational challenges. The company has formally requested the Exchange to reconsider this classification, hoping that removal from this segment could facilitate a smoother recovery and transition into its new business focus.