Amtex Limited (PSX: AMTEX) has received shareholder approval to divest two parcels of land in Faisalabad as part of its strategy to reduce outstanding debt, the company disclosed in a filing to the Pakistan Stock Exchange (PSX) on Thursday.
The approved sale includes 165 marlas of land situated at Chak 204 R.B. Raza Garden Canal Road and an additional 6 kanal 2 marlas located at Chak 120 J.B. Sargodha Road.
According to the statement, the asset disposal is tied to an ongoing debt repayment arrangement currently being negotiated between Amtex and its lending institutions.
To facilitate the transaction, shareholders have authorised the company’s Board of Directors to proceed with the sale and empowered it to delegate authority to the Chief Executive Officer or any director—either individually or jointly with another director or designated individual—to execute and finalise the sale on such terms and conditions as deemed appropriate.
The move is part of broader efforts by Amtex to streamline its financial position amid prolonged financial strain in the textile sector.
