Panels propose capping yarn exports to 550mn kg

ISLAMABAD: The Standing Committees on Textile Industry of Senate and National Assembly on Thursday jointly recommended capping of yarn exports to 550 million kilogram for the current fiscal year. 
 
The Senate committee met in the Parliament House and was co-chaired by head of the National Assembly Committee on Textile Akram Ansari.

Bangladesh releases Pakistan-bound jute consignment

Friday, January 08, 2010
ISLAMABAD: After a month-long delay, the Bangladeshi government has finally released a consignment of raw jute for Pakistan which was brought for loading on ships for export, The News has learnt.

It is interesting to note that in December 2009, the Bangladeshi government had banned jute exports to Pakistan. It had also banned its export to 12 other countries.

SECP seizes funds of spinning mill

Thursday, January 07, 2010
By our correspondent

ISLAMABAD: The Securities and Exchange Commission of Pakistan (SECP) on Wednesday seized the funds of Ahmed Spinning Mills Ltd (ASML) on depriving its shareholders of their rightful share of Rs213.425 million and authorised an investigation into the matter.

The decision came after the reports that the directors of ASML has sold its investment at a throwaway price to an off-shore shell company and subsequently these investments were sold in a public offer at a price of Rs333 per share, thus depriving shareholders of their rightful share of Rs213.425 million.

Aptma claims surplus yarn in domestic market

KARACHI: Leaders of the spinning industry on Tuesday claimed that during the month of November 2009 cotton yarn was available in abundance and even after meeting export commitments of 59 million kg out of total production of 241 million kg around 182 million kg was available for the value-added textile units. 
 
They further said that the value-added textile industry consumed only 120 million kg and around 60 million kg were converted into cotton fabrics.