karachi: Pak Leather Crafts Limited has announced the successful conclusion of an amicable out-of-court settlement with Bank Al Baraka Pakistan Limited, culminating in the complete discharge of its financial obligations. The announcement was made on July 6, 2026.

The agreement follows the execution of a settlement arrangement on November 21, 2023, as referenced in the company's Directors' Report accompanying the Half-Yearly Financial Statements for the period ending December 31, 2023. According to the company, the final installment of the payment schedule was fulfilled on June 25, 2026.

According to information available from the Pakistan Stock Exchange (PSX), the transaction aligns with Sections 96 and 131 of the Securities Act, 2015, and Clause 5.6.1(a) of the PSX Rule Book.

The company disclosed that with the full settlement of dues, remaining legal and regulatory procedures, such as the vacation of charge with the Securities and Exchange Commission of Pakistan (SECP), will be expedited. Furthermore, formalities for the out-of-court settlement will proceed during the upcoming hearing.