The Board of Directors of Saritow Spinning Mills Limited (SSML) has decided to permanently close its spinning mill operations and sell the company’s plant and machinery amid continued financial losses.
The textile mill disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.
“The Board of Directors of Saritow Spinning Mills Limited, in its meeting held on October 30, 2025, has decided to permanently close the Company’s spinning mill operations, which were already suspended in 2024 due to continued losses, and approved a plan to sell the entire plant and machinery of the company,” read the notice.
SSML shared that the market value of the plant and machinery was at approximately Rs411.93 million.
Moreover, the company plans to repurpose its factory buildings into warehouses (godowns) to generate rental income under an alternate business plan.
“It was also decided to utilise the proceeds from the asset sale to partially refurbish the premises for warehousing, and to retire a portion of the company’s liabilities as well as augment working capital for the new business line,” read the notice.
The Board decisions are subject to approval of the shareholders of SSML at an Extraordinary General Meeting (EOGM) scheduled for November 28, 2025, it said.
Saritow Spinning Mills Limited is part of the Saigol group of companies. The company was set up in 1987 as a public limited company under the Companies Ordinance, 1984. It manufactures and sells yarn at its facility located in Punjab.
