Pakistan’s textile giant Gul Ahmed to acquire industrial plot in Nooriabad to expand operations

In a move aimed at strengthening its operational footprint, Gul Ahmed Textile Mills Limited (GATM), one of the country’s largest textile mills, has decided to acquire a fully equipped industrial plot in Nooriabad’s SITE zone, Sindh.

The listed company disclosed the development in its notice to the Pakistan Stock Exchange (PSX) on Thursday.

“Board of Directors have approved the acquisition of Plot No. A-44, Sindh Industrial Trading Estates Ltd (SITE), Nooriabad, District Jamshoro, together with the land, building, plant, machinery, allied equipment, fittings, and appurtenances thereon, in accordance with applicable law and subject to due completion of necessary corporate, regulatory and legal formalities,” read the notice.

The textile giant shared the “Chief Executive Officer and or Chief Financial Officer and Company Secretary jointly have been authorised to do all acts, deeds and things necessary and ancillary to give effect to the above sale transaction and complete all formalities on behalf of the company”.

Gul Ahmed group has been operating as a textile trader since the 1900s. However, the group commenced its manufacturing operations as Gul Ahmed Textile Mills (GATM) in 1953. It turned into a public limited entity in 1955.

GATM is a composite textile mill engaged in the manufacturing and sale of textile products. Besides having a strong presence in the manufacturing sector, the company has a foothold in the retail business too.

The retail business started in Karachi and stretched to more than 40 stores across the country, offering products ranging from fashion and clothing to home accessories.

Earlier in September, the company announced the discontinuation of its export apparel segment, citing persistent operational losses amid rising costs, policy changes, and regional competition.