Saritow Spinning Mills Limited (SSML) has announced its decision to permanently close spinning operations and sell its plant and machinery following continued financial losses.
In a notice to the Pakistan Stock Exchange (PSX) on Thursday, the company stated that its Board of Directors, in a meeting held on October 30, 2025, approved the closure plan. The spinning operations had already been suspended in 2024 due to losses. The market value of the plant and machinery is estimated at Rs411.93 million.
SSML said it plans to repurpose its factory buildings into warehouses to generate rental income under an alternate business plan. Proceeds from the asset sale will be used to refurbish the premises for warehousing, retire part of the company’s liabilities, and strengthen working capital.
The decisions are subject to shareholder approval at an Extraordinary General Meeting (EOGM) scheduled for November 28, 2025.
Saritow Spinning Mills Limited, part of the Saigol Group, was established in 1987 as a public limited company and manufactures yarn at its facility in Punjab.
