KARACHI: Bhanero Textile Mills Limited has formally approved the sale of a significant land asset during an Extra Ordinary General Meeting (EOGM) held on June 15, 2026. The decision, documented in a resolution, was disclosed following compliance with the Pakistan Stock Exchange's (PSX) regulatory requirements.

The resolution, passed and adopted by shareholders, authorizes the sale of 27.075 acres of land situated in Mauza Feroze, located 18 kilometers from the main Faisalabad-Sheikhupura Road in Punjab. According to information available from the Pakistan Stock Exchange (PSX), the land is to be sold at arm's length to a related party, M/s Umer Farms (Pvt) Ltd, under the provisions of Sections 183, 207(2), and 208 of the Companies Act, 2017.

The proceeds from this transaction are earmarked for managing Bhanero Textile Mills' working capital needs and reducing its short-term borrowings. This decision aligns with the recommendations of the company's board of directors, who have prioritized these financial strategies.

Additionally, the company's board has authorized Mr. Mohammad Salim and Mr. Muhammad Shaheen to singly appoint an attorney to facilitate the legal process. This step aims to ensure that all necessary documents are appropriately signed, submitted, and delivered to fulfill the transaction's legal requirements, safeguarding both shareholder and company interests.