Lahore: Colony Textile Mills Limited has announced the closure of its Weaving Division, effective from January 31, 2025, as the company grapples with multiple prevailing challenges. This disclosure was made in compliance with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1 of the Rule Book of Pakistan Stock Exchange Limited.

The decision to shut down the Weaving Division highlights the ongoing difficulties faced by the company, as previously outlined in its reports. Despite this closure, the management is actively exploring sustainable plans and considering opportunities to potentially run the division in parts or as a whole, should viable options arise.

According to information available from the Pakistan Stock Exchange (PSX), Colony Textile Mills Limited is committed to keeping stakeholders informed and has communicated this material information to the Trading Right Entitlement Certificate (TREC) holders of the exchange.

The company, which operates within the textiles market category, remains vigilant in its pursuit of feasible solutions to navigate the current economic landscape and ensure the sustainability of its operations.