Paramount Spinning Mills Limited has provided an update on its operational and financial status following the implementation of a Scheme of Arrangement sanctioned by the Sindh High Court. The company has sold all its assets and is now focusing on stabilizing its operations in the textile sector.
- The Scheme of Arrangement was sanctioned on October 25, 2019, and has been successfully implemented.
- Financial performance for the year ended June 30, 2026, shows a loss after taxation of PKR 4,117.57M, compared to a profit of PKR 39.14M in the previous year.
- The company does not recommend any dividends for the year due to the current financial situation.
- The Board of Directors has acknowledged the support of shareholders during this transition period.
- Corporate governance practices have been maintained, with the establishment of an Audit Committee and compliance with the Code of Corporate Governance.