Karachi: Chakwal Spinning Mills Limited (CWSM) has responded to the Pakistan Stock Exchange (PSX) regarding recent unusual movements in its share price and volume, following an inquiry from the PSX dated October 11, 2024. The company clarified that there are no undisclosed issues affecting its stock performance beyond what has already been communicated to the market since December 26, 2023.

According to information available from the Pakistan Stock Exchange (PSX), CWSM has been transparent with market participants about its efforts and challenges. The management highlighted that since 2020, the company has faced significant financial distress, leading to the suspension of its operations. Despite this, efforts to revive the company have been ongoing for the past 10 months, scrutinized by regulatory bodies without definitive conclusions.

The correspondence stressed that the continuous regulatory scrutiny could jeopardize potential financing or merger and acquisition opportunities, which are critical for the company's revival and could adversely impact minority shareholders. The management urged the PSX to consider the long-term effects of sustained regulatory interventions on both the company’s recovery prospects and minority shareholder interests.

Furthermore, Chakwal Spinning Mills expressed its commitment to overcoming these challenges and continuing its efforts to revive the company, emphasizing the importance of maintaining their reputation and safeguarding minority shareholder interests.