Karachi: The Chairman of Salman Noman Enterprises Limited addressed the 39th Annual General Meeting, presenting the audited financial statements for the fiscal year ending June 30, 2024. The company, which has ceased operations since February 2018, discussed its ongoing challenges and future strategies in the context of a weakening conventional industry base.

The Chairman expressed gratitude to stakeholders and outlined the company's financial performance over the past year. According to information available from the Pakistan Stock Exchange (PSX), the company has faced a significant downturn due to adverse market conditions impacting Pakistan’s textile sector globally. This has resulted in a continuous decline in the nation’s share of textile in the international market.

Management remains optimistic about resolving ongoing litigation with various banking entities and is actively working towards an amicable settlement. Plans are in place to potentially lease the factory for textile production or rent out the space, depending on the outcome of these legal discussions.

The Chairman also took the opportunity to thank the company’s employees for their dedication and commitment during these challenging times. Acknowledgment was also extended to the bankers, shareholders, and government agencies for their continued support.