Karachi: In a significant move, Allawasaya Textile and Finishing Mills Limited has announced its plans to seek shareholder approval for the disposal of up to 40% of its surplus freehold land. The decision was made during a board meeting held on October 15, 2024, and is in accordance with Section 183(3)(a) of the Companies Act, 2017.

According to information available from the Pakistan Stock Exchange (PSX), the board's decision reflects a strategic realignment of the company's assets to enhance its financial flexibility and shareholder value. This disposal is poised to provide the company with an opportunity to optimize its asset base and reinvest in its core business operations.

An Extraordinary General Meeting (EGM) has been scheduled for November 11, 2024, at Multan, where shareholders will vote on this significant resolution. The meeting will focus exclusively on the proposed land disposal, indicating the importance of this agenda item to the company’s future strategy.

This move by Allawasaya Textile is part of broader efforts to streamline operations and focus on more profitable areas of the business, ensuring long-term growth and sustainability. Shareholders and potential investors are keenly watching the developments, as the decision to sell a substantial portion of land assets marks a pivotal moment in the company's history.