Fire erupts at Gul Ahmed Textile's warehouse; company assures insurance cover

KARACHI: Gul Ahmed Textile Mills Limited has formally notified the Pakistan Stock Exchange (PSX) of a fire that broke out at one of its warehouse facilities, the company disclosed in a filing on Tuesday.

The incident, which occurred at the company's Landhi plot, is reported to have affected certain inventories and fixed assets stored within the warehouse. In its communiqué to the Exchange, the company stated that it has immediately initiated a "detailed assessment to evaluate the extent of the damage and any resulting operational impact."

In a key reassurance to its shareholders and investors, the textile giant confirmed that the affected inventories were "fully covered under comprehensive insurance policies." This disclosure is critical as it potentially shields the company from a significant direct financial loss arising from the damage.

"The Company is in close coordination with insurance providers, safety authorities, and relevant stakeholders to manage the situation efficiently and ensure business continuity," the notice, signed by Company Secretary Salim Ghaffar, further added.