Arctic Textile Mills Limited has announced plans to lease spinning units to meet increased yarn conversion demands as part of its ongoing business expansion efforts.
The company issued this disclosure on Friday in compliance with Sections 96 and 131 of the Securities Act 2015 and relevant clauses of the Pakistan Stock Exchange regulations.
“The board of directors in their meeting held on September 26, 2024, has approved that the Company shall acquire the spinning unit(s) on lease at market competitive rates, effective October 1, 2024, keeping in view of the increased yarn conversion orders, as part of the Company’s business expansion efforts,” read the notice.
Arctic’s board of directors approved the lease acquisition during a meeting held on September 26, 2024, with the spinning units set to be leased at market-competitive rates from October 1, 2024.
This move is expected to help Arctic Textile Mills accommodate growing demand and increase operational capacity.
