April 14, 2026 (MLN):  Gulshan Spinning Mills Ltd. (PSX:GSPM)  continued its non-operational status during the quarter ended March 31, 2026, with no commercial production or business activities carried out during the period.

The company remains subject to a Scheme of Arrangement sanctioned, by the High Court of Sindh at Karachi.

The Scheme, which was approved by secured creditors and shareholders in court-supervised meetings, covers the sale of all company assets to settle its existing financial liabilities.

During the quarter, the Scheme of Arrangement continued to be implemented as per its terms, with all assets being offloaded through the Asset Sale Committee.

Sale proceeds are being distributed by the Agent Bank among secured creditors on a pari passu basis as full and final settlement of the company's financial obligations.

No material change in operational status was recorded compared to the previous quarter.

On the prospect of resuming business, the company noted that no measures could be taken toward recommencing commercial production.

It, however, indicated that strategic options for the future would be evaluated, subject to regulatory approvals and availability of resources.

Looking ahead, Gulshan Spinning Mills does not foresee any resumption of production or business operations in the near term.

Any material developments, if they arise, will be disclosed to the market in accordance with applicable laws and PSX Regulations.

This was disclosed in GSPM's latest Progress Report as  well as in disclosures from Gulistan Spinning Mills Limited (PSX: GUSM) and Paramount Spinning Mills Limited (PSX: PASM), both of which are associates of the same major conglomerate, on the PSX.

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