Amtex Limited (PSX: AMTEX) has disclosed plans to sell its land and buildings in Faisalabad as part of a debt settlement arrangement currently being negotiated with its lender banks.
According to a stock exchange filing made today, the company intends to dispose of property located at Chak 204 R.B. Canal Road, Raza Garden, and additional land at Chak 120 J.B., Sargodha Road. The proceeds from these sales will be directly applied towards loan repayments owed to various banks and financial institutions.
The proposed transaction forms part of a broader debt repayment plan, which remains subject to approval by the company’s shareholders. The board has resolved that the plan will be finalised only after it receives the necessary nod at an upcoming Extraordinary General Meeting (EOGM). The schedule for this meeting will be announced to the Pakistan Stock Exchange in due course.
