Lahore October 24, 2022: The Court Auctioneers in Execution Application filed by the Bank of Punjab auctioned the AMTEX Spinning Division’s Land and Building at Rs.490 million, according to a company filing to the Pakistan Stock Exchange.
During the pendency of the execution petition, the Decree Holder bank, the Company as well as other first charge holder banks/financial institutions reached a negotiated deal and agreed to withdraw objection petitions on the auction of land and building and also agreed to the sale of Spinning Division’s machinery to the Auction Purchaser for Rs.315 million. Resultantly, the honorable court confirmed the auction and ordered for distribution of sale proceeds of Rs.490 million amongst first charge holder banks/financial institutions in proportion to the value of their charge.
The entire sale proceeds of Land, Building, and Machinery of Rs.805 million have been adjusted against the loans of the Company by the relevant banks / financial institutions.
Amtex Spinning Division was situated at 30 KM Sheikhupura Road Faisalabad.