Karachi, Shahzad Textile Mills Limited informed Pakistan Stock Exchange that the Board of Directors have decided to dispose of the obsolete machinery of existing Unit No. 3 consisting of 18,552spindles which is continuously running into losses. The Board of Directors have further decided to install a latest socks manufacturing unit to produce quality socks which has good demand in the international market. This will be a 100 % export oriented unit. The total cost of the project will be PKR 540.000 million which will be financed by bank loans and internal generation of funds including proceeds of the disposal of the old machinery as mentioned above.
Shahzad Textile Mills Limited is a company incorporated in Pakistan on October 24, 1978. It is a public limited company the foundations of which are laid under the Companies Ordinance, 1984. The principal business activity of the company includes the manufacture and sale of yarn. The shares of the company are quoted on Karachi and Lahore Stock Exchanges of Pakistan. The registered office of the company is located at Lahore.
The symbol “SZTM” is being used by the stock exchange for the shares of Shahzad Textile Mills Limited.