Karachi: Amtex Limited has announced its decision to dispose of its land and building located in Faisalabad as part of an ongoing debt repayment negotiation with its lender banks. The move is aimed at reducing the company's financial liabilities through the adjustment of the entire sale proceeds against its outstanding loans, as communicated to the Pakistan Stock Exchange (PSX).

The announcement, made in compliance with Sections 96 and 131 of the Securities Act 2015 and the relevant clauses of the Rule Book of Pakistan Stock Exchange Limited, outlines the company’s strategy to utilize the proceeds from the sale directly for debt reduction. The transaction, however, awaits final approval from the company's shareholders, which will be sought at an upcoming Extraordinary General Meeting. The schedule for this meeting is yet to be disclosed to the exchange.

According to information available from the Pakistan Stock Exchange (PSX), this strategic decision by Amtex Limited underscores the company's commitment to addressing its financial obligations through asset liquidation. The company has highlighted that the successful implementation of this plan hinges on shareholder approval, emphasizing the necessity for transparency and regulatory compliance in all proceedings.

Amtex Limited's management has ensured that the appropriate procedural steps are taken, with the statement signed by an authorized representative of the company. The market is now awaiting further announcements regarding the timeline of the Extraordinary General Meeting and the subsequent execution of the debt repayment plan.