Ruby Textile Struggles to Resume Operations Due to Economic Distress, LC Issues

Ruby Textile Mills Limited (PSX: RUBY) on Tuesday informed the main bourse that management is keenly working on the foremost solution to start operations, but “regrettably due to the economic distress and held LCs policies, the situation is becoming tougher”. “The management is working upon different feasibilities to improve the scenario and bring the business back on track,” it said in a stock filing. The principal business of the company is the manufacturing and sale of yarn. The company has been categorized as non-compliant on the PSX website.