Karachi, Globe Textile Mills Limitedinformed Pakistan Stock Exchange about the recommendations made by the board of directors in the meeting held at Karachi on March 12, 2018.
The agenda of the meeting was discussion of profit and loss account for year ended June30, 2017 which portrayed a loss of Rs. 9,406 with loss per share 0.57 basic and diluted respectively.
Further, nil payment of cash dividend, bonus shares and right shares was agreed.
Furthermore, the share transfer books of the company will remain closed from March 29, 2018 to April 05, 2018 (both days inclusive).
A spinning unit in the name of Globe Textile Mills Limited was established in the year 1969 which started production in the year 1970. The capacity of the unit was 25,200 spindles with complete Back Process and Murata Winders.
The unit was updated in the late 1980’s and an extensive programme of balancing, modernisation, and replacement was carried out at a huge capital investment. Blow Room, card and Drawing with Autolevel from Rieter were installed and modernization of Toyoda Simplex and Toyoda Rings was undertaken. The unit was specialized in the manufacture of hosiery yarn, 100% cotton and is known for its quality locally as well as internationally. In the year 1990, the Company went into an expansion programme to establish another spinning unit consisting of 14,400 spindles with complete Back Process including Combers from Rieter, Toyoda FL-16 Simplex, Chinese Ring with Invertors from Shanghai No.2 and Winders from Murata (Mach Splicers) with Polymatic.
The symbol “Glot” is being used by the stock exchanges for the Globe Textile Mills Limited.