Latest news with #AATM
Business Recorder
13 hours ago
- Business
- Business Recorder
Ali Asghar Textile Mills denies unusual price movement reports
Ali Asghar Textile Mills Limited (AATM) has dismissed news of unusual price movement. 'No matter as such. And no information other than what has been disclosed in the Director's Report of March 2025 regarding the company's performance and future plan,' the company wrote to the Pakistan Stock Exchange (PSX). It further said that its subsidiary, Fazal Solar Energy, has also initiated its solar project, and key machinery/solar panels are being installed. 'Management is confident that the solar plant, based on the latest technology, will be operational by early July 2025,' said the former textile unit turned logistic service provider. It is worth noting that AATM's share price has surged from Rs40 to over Rs70 per share in recent weeks. At the time of filing this report, the stock was trading around Rs72. As per information available on the company's website, Ali Asghar Textile Mills Limited was established in 1969 as a textile spinning unit. However, in 2011, the management decided to exit the textile spinning unit and invest in warehousing/logistics.
Business Recorder
14-05-2025
- Business
- Business Recorder
Renewable rush continues in Pakistan: Logistics firm to setup 1MW solar plant
Ali Asghar Textile Mills Limited (AATM), a former textile unit turned logistic service provider, is developing a 1,00KW (1MW) solar power project, which has now entered the execution phase. The listed company disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. 'We are pleased to inform our shareholders and the investing public that the 1,000KW solar power project being developed by our wholly-owned subsidiary, Fazal Solar Energy (Private) Limited, has entered the execution phase,' read the notice. The company shared that a majority of the equipment for the project has been delivered to the site, and installation activities are currently underway. The Engineering, Procurement and Construction (EPC) contract has been awarded to DSG Energy. 'As per the contractual timeline, the project is expected to be commissioned by 30 July 2025. Upon successful commissioning, the total installed solar power capacity at the site will increase to 1,250KW, including the already operational 250KW plant.' The textile firm was of the view that the latest initiative is expected to contribute positively to its profitability and will provide a diversified and sustainable source of revenue. Sharing technical details, the company informed that it is utilising Trina Solar 710KW panels for the project. 'Estimated annual reduction in carbon emissions of approximately 912 metric tons of CO2, equivalent to the environmental impact of planting approximately 41,222 trees,' is expected following the commencement of the project, the company shared. As per information available on the company's website, Ali Asghar Textile Mills Limited was established in 1969 as a textile spinning unit. However, in 2011, a strategic decision was taken by the management to exit the textile spinning unit and invest in warehousing/logistics. There has been a growing shift towards alternative energy sources in Pakistan, especially solar, which has become increasingly popular among residential and commercial sectors. This rising trend has left decision-makers grappling with its implications for the national grid and energy sector, as electricity consumption remains stagnant. Nonetheless, several projects have been initiated to exploit this relatively cheaper energy source. Earlier this month, International Steels Limited (ISL), a subsidiary of International Industries Limited, completed and activated a 6.4-megawatt (MW) solar power project at its factory in Karachi. In March, Tariq Corporation Limited (TCORP), engaged in the manufacturing of sugar and its by-products, announced plans to set up a 200KW solar power system at its facility. In February, Olympia Mills Limited announced plans to set up a 500KW off-grid solar power system at its facility. As per figures presented to the Economic Coordination Committee (ECC), the total installed solar capacity grew from 321MW in 2021 to 4,124MW by December 2024.
