Karachi November 18 2021: Amtex explained that the management is making all efforts to continue operations and to run the entity as a going concern.
Company’s continuity of operations since last couple of years and increased sales volume despite global pandemic of Covid-19 clearly indicate that management’s efforts and plans are effective and executed positively.
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Company’s export sales are increasing as well in current financial year as depicted in 15th quarterly accounts for the period ended September 30, 2021.
Moreover, the company is in process of selling certain properties and machinery, mortgaged with the banks, the entire such sale proceeds will be paid to relevant charge holder banks to reduce the debt burden and to settle the litigation with these banks.
The management of the company has already taken steps for extension and restructuring of loans from certain banks and negotiations with other banks of the company are in process.
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Wyeth Pakistan Sponsors Approved Voluntary Buy Back of Company Shares At PKR 2,000 Per share
In view of the forgoing, it is imperative to give opportunity so that company pursue its plan to continue as a going concern. Based on above facts particularly continually increasing company’s sales volume and further in the best interest of minority shareholders company requested the exchange to transfer company from defaulters segment to normal counter and remove suspension of trading of shares in exchange.
