KARACHI: Ideal Spinning Mills Ltd has announced the closure of its spinning operations due to persistent losses stemming from unfavourable market conditions and soaring operational costs.
In a notice to the Pakistan Stock Exchange on Friday, the company said its board of directors has approved the sale or disposal of a major portion of the plant and machinery associated with its spinning segment.
“The current business environment is not conducive for continued operations, as the cost of doing business has exceeded sustainable and competitive levels,” the company stated.
To proceed with the planned divestment, the board has resolved to convene an Extraordinary General Meeting (EGM) to seek formal approval from shareholders.
Published in Dawn, July 12th, 2025
