Saritow Spinning Mills to Permanently Close Spinning Operations

Saritow Spinning Mills Limited (SSML) has announced plans to permanently shut down its spinning mill operations, which have been suspended since 2024 due to ongoing losses. The company’s Board of Directors approved the closure and a plan to sell the entire plant and machinery, valued at approximately Rs. 411.93 million, according to an official notice sent to the Pakistan Stock Exchange (PSX). In a strategic shift, SSML will convert its factory buildings into warehousing facilities to generate rental income. Proceeds from the asset sale will be used to partially refurbish the premises for warehousing, retire a portion of the company’s liabilities, and boost working capital for the new business line. These decisions are subject to shareholder approval at an Extraordinary General Meeting (EOGM) scheduled for November 28, 2025. The company has begun preparations to notify shareholders and will submit further details, including the revised business plan, to the PSX for dissemination.