Karachi: Pak Leather Crafts Limited (PLCL) has announced that it has successfully discharged its financial obligations to Bank Al Baraka Pakistan Limited under an amicable out-of-court settlement agreement, marking an important milestone in resolving the company’s outstanding liabilities.
In a material information notice submitted to the Pakistan Stock Exchange (PSX) on July 6, 2026, the company stated that the settlement stems from an agreement executed with Bank Al Baraka Pakistan Limited on November 21, 2023. The agreement was previously referenced in the company’s Half-Yearly Financial Statements for the period ended December 31, 2023.
According to the notification, Pak Leather Crafts completed the final installment payment under the agreed schedule on June 25, 2026, thereby fully settling its financial obligations to the bank.
Following the completion of the payment, the company said that the remaining legal and regulatory formalities—including the vacation of charges with the Securities and Exchange Commission of Pakistan (SECP)—will now be completed. The out-of-court settlement proceedings are also expected to continue on the next scheduled hearing date.
The successful settlement is a positive development for Pak Leather Crafts as it strengthens the company’s financial position by resolving a long-standing banking obligation. Investors and stakeholders are expected to closely monitor the completion of the remaining legal procedures, which will formally conclude the settlement process.
Pak Leather Crafts conveyed the material information to the Pakistan Stock Exchange in compliance with the Securities Act, 2015, and the PSX Rule Book, ensuring timely disclosure to shareholders and the investing public.
