Karachi: Arctic Textile Mills Limited has announced a strategic expansion move by acquiring additional spinning units on lease, effective from October 1, 2024. This decision comes in response to an increase in yarn conversion orders and is aimed at bolstering the company's production capabilities.

According to information available from the Pakistan Stock Exchange (PSX), the board of directors, in a meeting on September 26, 2024, approved this expansion under the terms that align with market-competitive rates. The acquisition is in accordance with sections 96 and 131 of the Securities Act 2015, and Clause 5.6.1(a) of the PSX Rule Book, ensuring compliance with regulatory standards.

This initiative by Arctic Textile Mills Limited is part of a broader business expansion strategy to meet growing market demands. The company's proactive steps are expected to enhance its capacity to handle the rising orders and reinforce its position in the textile industry.