Pakistan textile manufacturer to establish IT/EV Division as secondary business
- Says textile business to remain the principal business
Bilal Fibres Limited, a textile manufacturer, said on Friday that its Board has approved the proposal to establish IT/Health Tech/EV Division as a potential secondary line of business.
The listed company announced the development in a notice to the Pakistan Stock Exchange (PSX) today.
“The Board of Directors of the company deliberated upon the strategic diversification of the company’s business in view of the current suspension of its textile operations,” the company said.
It said that the Board reaffirmed that the textile business remained the principal business.
“The Board approved the proposal to establish IT/Health Tech/EV Division to explore opportunities in the technology sector, including the provision of B2B, B2C services etc as a potential secondary line of business of the company in compliance with Clause 3 (ii) of the Memorandum of Association of the company and subject to completion of necessary corporate formalities where required,” the notice to the PSX said.
Meanwhile, the company also announced the resignation of Anwaar Abbas from the office of director, with effect from 16th May 2025.
The Board has appointed Muhammad Usman Saber, an IT professional, as “director with immediate effect to fill the casual vacancy on the Board”.
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