Mahmood Textile Mills to divest its shares in Orient Power

Mahmood Textile Mills Limited (MTML) has announced its decision to divest its shares in Orient Power (Pvt) Ltd. 

The move was approved during the Board of Directors meeting held on August 6, 2024. The company plans to use the proceeds from this sale to fund various business activities.

In a disclosure to the Pakistan Stock Exchange (PSX), MTML stated that it holds 87,335,969 shares in Orient Power. The sale of these shares is expected to generate significant revenue, which will be reinvested into the company’s operations.

The decision complies with Sections 96 and 131 of the Securities Act 2015 and clause 5.6.1(a) of PSX Regulations. 

MTML has requested the PSX to inform the TRE Certificate holders of the Exchange about this material information.

Mahmood Textile Mills Limited was incorporated in Pakistan on February 25, 1970 as a public company under the Companies Act, 1913 (now the Companies Act, 2017). 

The company is principally engaged in the manufacturing and sale of yarn, grey cloth and the generation of electricity.