Nishat Mills Decides to Sell Its Hospitality Business

The Board of Directors of Nishat Mills Limited (PSX: NML) has accorded its approval to dispose off 100 percent equity held in Nishat Hospitality (Private) Limited, a wholly-owned subsidiary of the Company subject to the approval of shareholders, NML informed the main bourse while disclosing its financial results for 2023-24. The Board also accorded its approval for setting up a liaison office of the Company in the People’s Republic of Bangladesh, subject to applicable regulatory approvals, and in compliance with the laws of People’s Republic of Bangladesh. The Board of Directors has approved the establishment of a wholly owned subsidiary company in the Republic of Türkiye subject to applicable regulatory approvals and in compliance with the laws of the Republic of Türkiye. The Company is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling and otherwise dealing in yarn, linen, cloth, and other goods and fabrics made from raw cotton, synthetic fiber and cloth, and to generate, accumulate, distribute, supply and sell electricity. Its scrip at the bourse closed at Rs. 61, down 3.04 percent or Rs. 1.91 with over 1.25 million shares on Friday.