Karachi: Gulistan Spinning Mills Ltd, a non-operational entity, has announced the continuation of its asset liquidation process, as per a Scheme of Arrangement under Section 279 of the Companies Act, 2017. The scheme, sanctioned by the High Court of Sindh at Karachi, aims to settle the company's liabilities through the sale of all its assets.

According to a progress report dated January 8, 2026, the company's assets are being sold under the supervision of an Asset Sale Committee, with proceeds distributed by the Agent Bank to secured creditors on a pari passu basis. The company, which has remained non-operational during the quarter ended September 30, 2025, has not taken any measures towards resuming commercial production or business operations.

The company has submitted its quarterly progress report for the quarter ended September 30, 2025, through the Pakistan Unified Corporate Action Reporting System (PUCARS), in compliance with PSX Regulation 5.11.1(b). According to information available from the Pakistan Stock Exchange (PSX), Gulistan Spinning Mills Ltd continues to report no change in its operational status, consistent with previous quarters.

Future strategic options for the company remain under consideration, subject to regulatory approvals and resource availability. However, the company currently does not foresee the commencement or resumption of business operations. Any material developments will be disclosed to the market in accordance with applicable laws and PSX regulations.

This report underscores the company's commitment to providing timely updates to market participants, ensuring transparency and compliance with regulatory requirements.