Board meeting of Globe Textile Mills Limited to be held on July 29, 2016

Karachi, Globe Textile Mills Limited informed Pakistan Stock Exchange that the board meeting of the company is scheduled to be held on July 29, 2016 at Karachi. The agenda of the meeting shall be consideration of quarterly accounts for the period ended March 31, 2016.

Further, the closed period of the company shall be from July 22, 2016 to July 29, 2016 (both days inclusive).

A spinning unit in the name of Globe Textile Mills Limited was established in the year 1969 which started production in the year 1970. The capacity of the unit was 25,200 spindles with complete Back Process and Murata Winders.

The unit was updated in the late 1980’s and an extensive programme of balancing, modernisation, and replacement was carried out at a huge capital investment. Blow Room, card and Drawing with Autolevel from Rieter were installed and modernization of Toyoda Simplex and Toyoda Rings was undertaken. The unit was specialized in the manufacture of hosiery yarn, 100% cotton and is known for its quality locally as well as internationally. In the year 1990, the Company went into an expansion programme to establish another spinning unit consisting of 14,400 spindles with complete Back Process including Combers from Rieter, Toyoda FL-16 Simplex, Chinese Ring with Invertors from Shanghai No.2 and Winders from Murata (Mach Splicers) with Polymatic.

The symbol “Glot” is being used by the stock exchanges for the Globe Textile Mills Limited.