AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi: Fateh Sports Wear Limited has disclosed in its latest quarterly progress report that it is awaiting a court order to release a frozen amount of US$2.00 million, which is expected to be resolved shortly. According to information available from the Pakistan Stock Exchange (PSX), the management remains optimistic about resuming operations once the stay order is vacated.
The report, issued on the 5th day of the current quarter as required by listing regulations, elaborates that the company has been proactive during the standstill. Management has developed and begun implementing a marketing strategy aimed at the international market. This includes establishing contacts with potential buyers to secure export orders, which is critical for the company’s recovery and future growth.
The company expressed confidence that the release of the stuck funds and subsequent availability of working capital will allow production activities to commence promptly. Further updates will be provided in the next quarterly progress report, maintaining transparency with its stakeholders and regulatory bodies.