Lahore: Bilal Fibres Limited announced key decisions following a Board meeting on May 16, 2025, as required under Section 96 of the Securities Act, 2015, and Clause 5.6.1.(a) of the Pakistan Stock Exchange Regulation. The decisions include significant leadership changes and strategic diversification plans.
The Board of Directors accepted the resignation of Mr. Anwaar Abbas from his position as Director, effective immediately. To fill the resulting vacancy, the Board appointed Mr. Muhammad Usman Saber as the new Director. Mr. Saber holds an MBA from the Lahore University of Management Sciences (LUMS) and a degree in Software Engineering from FAST University. He brings expertise from the IT and Telecom sectors to the company.
In response to the ongoing suspension of its textile operations, the Board deliberated on diversifying the company's business strategy. It reaffirmed that while the textile industry remains the company's primary focus, Bilal Fibres Limited will establish a division for IT/Health Tech/EV as a secondary business line. This initiative aims to explore opportunities in the technology sector, including B2B and B2C services. The diversification aligns with Clause 3 (ii) of the company's Memorandum of Association, pending the completion of necessary corporate formalities.
According to information available from the Pakistan Stock Exchange (PSX), these strategic shifts come at a critical time for Bilal Fibres Limited as it seeks to navigate the challenges posed by its suspended textile operations. The company's move to expand into technology-driven sectors reflects a broader trend of diversification in the market.
The company has submitted a Disclosure Form under SRO 142(1)/2012, dated December 5, 2012, in compliance with Section 96 and 131 of the Securities Act, 2015. This document serves to inform the TRE Certificate Holders of the Exchange regarding the recent developments.
The decisions announced mark a pivotal moment for Bilal Fibres Limited as it positions itself for future growth and adaptation in an evolving economic landscape.