Gul Ahmed Textile Mills Limited, Pakistan’s leading textile manufacturer, has decided to close its apparel export division with immediate effect.
The company’s directors have decided to close the apparel export segment immediately, based on current reputation and future analysis.
The company has sent a notice to the Pakistan Stock Exchange, clearly stating that the apparel export sector is suffering from significant losses. The company has decided to close down citing several factors, including tough regional competition, recent tax hikes and high electricity tariffs.
According to Gul Ahmed Company, these above-mentioned factors were pushing the export sector towards losses and the company’s own financial reputation was also facing losses. The decision to stop exports will improve the overall financial health of the company.
The company’s management has made it clear that the closure is limited to the export segment only and that all other company operations will continue as usual.
