Fazal Cloth Mills Responds to Share Price Surge

Fazal Cloth Mills Limited (FZCM) has stated that it is unaware of any specific factors that would explain the recent unusual activity observed in the company’s share price.

The textile manufacturer addressed these observations in a notification issued to the Pakistan Stock Exchange (PSX) earlier today, dismissing any undisclosed reasons for the increase.

“The exchange’s communication requested the company to provide potential justifications or pertinent details within the Company’s knowledge that might have contributed to the substantial appreciation in FZCM’s value during the preceding period,” the notification explained.

Over the past month, Fazal Cloth Mills’ stock value has experienced a notable climb, escalating from Rs169 to Rs391.99, marking an increase of 132%.

In its statement released on Tuesday, the company affirmed that there is no undisclosed inside information relevant to this surge.

“We want to assure you that the Company fully acknowledges its legal obligations concerning the dissemination of noteworthy information. Should any significant details arise, they will be disclosed in accordance with the stipulations outlined in the Securities Act, 2015, and the regulations of the Pakistan Stock Exchange Limited.”

Established in 1966 under the Companies Act, 1913 (now the Companies Act, 2018), the mill operates as a public limited company.

Its primary activities include the production and sale of both yarn and fabric. The company currently operates seven spinning units, all supported by captive gas-powered generators with a combined capacity of 38.72 MW.