Hira Textile Mills introduces new yarn variety, hopes to get off defaulter list

At first glance, it seems quite normal. A large textile mill in Punjab introduced some new products. And so it is with Hira Textile Mills, which issued a notice to the Pakistan Stock Exchange on January 13, giving a status update on its products. In October 2020, the management of Hira Textile Mills introduced a new variety of yarn known as melange yarn. According to the company, about 40% of this new variety was produced and sold to nine export oriented units, such as Sapphire Textile Mills, Asghar Fabrics, GNA Textiles, among others. The production of this yarn would be increased gradually, and the melange yarn would reach its full production capacity by the end of June 2021.

So far, so good. Except for the end sentence: “We request the stock exchange management to shift Hira Textile Mills limited from default segment to normal business segment.”

Essentially, Hira Textile Mills is pleading with the PSX: look, we have yarn, we can sell it, we do not need to be on this default list. Which begs the question: why is Hira Textile Mills on the default list anyway?

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