Ideal Spinning Mills Limited (PSX: IDSM) has announced its decision to exit the spinning segment by selling off the majority of its plant and machinery used in this operation.
The decision, approved by the company’s board on July 11, was driven by continued adverse market conditions, including high production costs and weak demand for spun yarn.
While spinning operations will be discontinued, Ideal Spinning Mills will continue to operate its weaving and socks manufacturing units.
To seek shareholder approval for the proposed disposal, the company’s Board of Directors has convened an Extraordinary General Meeting on August 11, 2025, at 11:00 A.M. at Room No. 404 & 405, 4th Floor, Business Centre, Mumtaz Hassan Road, Karachi.
The company has also notified that its share transfer books will remain closed from August 5 to August 11, 2025 (both days inclusive).
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