KARACHI: The board of directors (BoD) of Gul Ahmed Textile Mills (GATM) on Friday approved the formation of four wholly owned subsidiaries to undertake specialised textile operations under sustainable practices.

In a stock filing, the company GATM said each subsidiary will operate as a private limited company under the Companies Act 2017, with Gul AhmedTextile Mills Ltd holding 100percentshares.

As per a resolution passed by the board on Thursday, the management wants to conduct textiles operations under sustainable practices as per the requirements of customers and transition operations towards renewable energy sources to potentially replace fossil fuel-based power dependency.-Staff Reporter