Karachi: Gulistan Spinning Mills Ltd. has addressed the recent unusual movements in its share price, confirming that no internal company activities could account for the fluctuations observed in July 2024.
In response to the Pakistan Stock Exchange's inquiry under Section 97 of the Securities Act 2015 and Clause 5.6.3 of the PSX Regulations, Gulistan Spinning Mills conducted an internal review following a formal letter dated July 24, 2024. The company reported that there have been no material developments, operational changes, or financial conditions different from what has been previously disclosed to the public that would explain the erratic trading patterns. According to information available from the Pakistan Stock Exchange (PSX), the company remains in a stable financial position, consistent with earlier disclosures.
Furthermore, the company has not been informed of, nor is aware of, any external news or market developments that might have influenced investor perceptions or contributed to the trading activity. Gulistan Spinning Mills has reaffirmed its commitment to transparency, promising to promptly disclose any material information if it arises and to keep the exchange and stakeholders informed of any relevant developments.
For further clarifications or more information, stakeholders are encouraged to contact the company directly.