J.K. Spinning Mills commits $8.3mn to modernise fabric processing, spinning units

J.K. Spinning Mills, a Pakistani textile firm, has committed over Rs2.3 billion, i.e. approx. $8.3 million to modernise fabric processing and spinning units.

The listed textile firm disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.

“J.K. Spinning Mills Limited has undertaken an investment of approximately Rs1,789 million for the enhancement and modernisation of its fabric processing unit,” read the notice.

“The investment includes the installation of a Goller Complexa two-stage Bleaching Range with single-loop washing compartments, one 8-Chamber POSLU Stenter with 3,400 mm working width, and one biomass-fired step-grate thermal oil heater, together with related civil works and associated costs,” it added.

The company said that the investment is expected to improve its operational efficiency and enhance the quality and competitiveness of its products.

“Furthermore, the company has deployed Rs515.50 million under its ongoing policy of Balancing, Modernisation and Replacement (BMR) of its spinning division and is expected to replace 16 LMW high-speed Ring Frame LRJ/SX machines, 2 sets of complete high-speed Toyota Simplex frames along with accessories, an automatic bale plucker, and other related equipment,” it added.

The textile firm was of the view that the replacement of the existing machinery is expected to improve operational efficiency, optimise the spinning process, and enhance the quality of yarn.

Moreover, the company also secured financing from banks under the Long Term Finance Facility (LTFF) scheme. “The requisite documentation and other formalities with the financing banks are currently being completed,” it said.

J.K. Spinning shared that the investment is part of the company’s efforts to modernise its manufacturing facilities, improve operational efficiency, and enhance product quality and competitiveness.

J.K. Spinning Mills Limited (JKSM) was incorporated on January 7, 1987, as a public limited company under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The company is involved in textile manufacturing, which includes ginning, spinning, stitching, and the buying and selling of yarn, fabrics, and other goods.