Colony Textile Mills to Shut down Its Weaving Division

Colony Textile Mills Limited (PSX: CTM) will shut down its weaving division at the end of this month, the company informed the main bourse on Friday. “In view of the multiple prevailing challenges as described in the Company’s earlier reports, the Company has decided to shut down its Weaving Division w.e.f. 31st January 2025,” the filing stated. “The Management is however looking for different sustainable plans for the division and is considering to run the unit either in parts or whole in case of any viable opportunity,” it added. The principal activity of the company is the manufacturing and sale of yarn, fabric, garments made-ups, and trading in real estate.