Khalid Siraj Textile Mills : Material Information

KHALID SIRAJ TEXTILE MILLS LIMITED

135-UPPER MALL, LAHORE

Tel: [phone], Fax: [phone]

Email:[e-mail]

Website:www.kstml.com

Dated: 10-02-2023

PAKISTAN STOCK EXCHANGE LIMITED

Stock Exchange Building,

Stock Exchange Road,

KARACHI.

Subject: DISCLOSURE OF INFORMATION AS PER SECTIONS 96 AND 113 OF THE

SECURITIES ACT, 2015 READ WITH CLASUE 5.6.1 OF PSX RULES -

TEMPORARY CLOSURE OF MILLS OPERATION

Dear Sir/Madam,

Pl refer to the subject noted above, in this connection, Khalid Siraj Textile Mills Limited ("The Company") hereby conveys the following information:

The floods caused the cotton harvests to be devastated. Additionally, the situation has worsened due to political unrest, import restrictions, and an unchecked dollar increase. These factors have increased inflation, undermined the rupee, driven up cotton prices, driven up the cost of electricity per unit, and, most importantly, harmed business confidence. Further, it has been decided to end the lease agreement with M/s. ASM Industries (Private) Limited.

As per the aforementioned circumstances, the mill management of the company has decided to close the mill operations until March 31, 2023.

Yours truly,

For Khalid Siraj Textile Mills Ltd.

(Haji Tariq Samad)

Company Secretary

1. Securities and Exchange Commission of Pakistan Securities Market Division
   7th Floor, NIC Building, 63-Jinnah Avenue Blue Area, Islamabad