Saritow Spinning Mills Limited has approved the highest bid of Rs419 million for the sale of its plant and machinery, the company said in a disclosure filed with the Pakistan Stock Exchange (PSX).
According to the disclosure, the decision was taken during a meeting of the company’s board of directors held on January 5, 2026. The board approved the bid after it was reviewed and recommended by the company’s audit committee.
The company stated that the approved bid price is higher than the assessed market value of the plant and machinery.
This indicates that the company received a favorable offer compared to the valuation carried out earlier. The management believes the transaction is in the best interest of the company and its shareholders.
Saritow Spinning Mills did not disclose the name of the bidder or provide further details about the expected timeline for completing the sale.
However, the company confirmed that the disclosure was made in compliance with the Securities Act, 2015, as well as the relevant requirements of the PSX Rule Book.
The sale of plant and machinery is considered a significant development for the company, as such assets form a major part of its operations.
Market observers often view these decisions as part of broader efforts by companies to restructure, reduce costs, or improve liquidity.
The announcement was shared with investors through the PSX to ensure transparency and timely information to the market.
Shares of the company are traded on the Pakistan Stock Exchange, where investors closely monitor corporate decisions that may affect future performance.
Saritow Spinning Mills said it will keep the market informed about any further material developments related to this transaction.