D.M. Textile Mills Changes Its Line of Business to Real Estate

The Board of Directors and shareholders of D.M. Textile Mills Limited (PSX: DMTX), after considering the available resources, have decided to change the Principal Line of Business of the company to Real Estate. According to the company’s filing to the main bourse on Friday, the matter is in process with the Securities & Exchange Commission of Pakistan/CRO for their further necessary action. Directors are hopeful that by adopting the new principal line of business, Company will prosper, it said. “We are continuously trying our level best to utilize the available resources. The Company has been able to pay off its entire long-term liabilities of the financial institutions which is a great achievement. The management has positive intention and capability to revive the Company,” the company said. DMTX said that the placement of the Company on the “defaulter segment” at this stage is aggravating its problems. “We need kind support from the Exchange and request you to kindly consider to remove our name from the Defaulter Segment and oblige,” the filing added. The Company is engaged in the business of manufacturing, sale and trading of cotton, polyester, viscose and blended yarn.