Island Textile Mills Limited informed Pakistan Stock Exchange that a meeting of the Board of Directors of the Company held on April 01, 2020 the Board of Directors approved the draft Scheme of Arrangement under Sections 279 to 282 and 285 of the Companies Act, 201 7 laid before the Board of Directors of the Company, subject to obtaining all necessary shareholders', creditors' and regulatory approvals, and the sanction of the Scheme by the High Court of Sindh along with fulfilment of related legal formalities.

The announcement is available at:

https://dps.psx.com.pk/download/document/145394.pdf

Island Textile Mills Limited is a company incorporated in Pakistan on May 20, 1970. It is a public limited company the foundations of which are laid under the Companies Ordinance, 1984. The principal business activity of the company includes the manufacture and sale of yarn. The manufacturing facility of the company is located in Kotri Industrial Estate in the province of Sindh. The shares of the company are quoted on Karachi Stock Exchange of Pakistan. The registered office of the company is located at Karachi.

The symbol "ILTM" is being used by the stock exchange for the shares of Island Textile Mills Limited.

© Pakistan Press International, source Asianet-Pakistan