DM Textile Mills Limited (PSX: DMTX) has formally agreed to the strategic shift of its key business line into real estate, as approved by its board of directors and shareholders.
In a notification filed with the Pakistan Stock Exchange (PSX) on Tuesday, the company revealed that the transfer is currently under review by the Securities and Exchange Commission of Pakistan (SECP) and the relevant Company Registration Office (CRO) for necessary regulatory approvals.
Management expressed optimism about the decision, noting that the change in business direction aligns with its resources and will position DMTX for future growth.
Highlighting its recent financial achievements, the company revealed that it had succeeded in settling all long-term obligations owed to financial institutions, describing this achievement as a major achievement.
Despite these positive developments, DMTX has expressed concerns about its position in PSX’s “underdeveloped sector,” which it believes further exacerbates the challenges it faces. The company urged the stock exchange to reconsider this classification and facilitate its removal from the list of defaulters.
The notice stressed that “management has the positive intention and ability to revive the company and make the most of available resources.”
Board members remain hopeful that the shift into real estate will enable the company to thrive in the coming years.