Sunday, May 19, 2024

Pakistan’s Textile Giant ‘Nishat Mills’ to Buy Denmark’s Fabrics Firm for $4.5 Million

Recently, an announcement has been made by Pakistan’s textile giant NML (Nishat Mills Limited) to buy 100% stake in a Denmark’s fabrics manufacturer Wernerfelt A/S, against a settlement of $4.5 million.

Under the laws of Denmark, Wernerfelt A/S has an experience of 80 years in developing and supplying fabrics for personal protection and workwear, which would be taken by NML from the seller Lars Lauridsen Holding ApS.

“The Board of Directors of Nishat Mills Limited…has decided to acquire 100% of the issued share capital (along with transfer of complete management control) of Wernerfelt A/S by the company and/or Nishat International FZE, Dubai (a wholly owned subsidiary of the company) for a consideration up to $4,500,000,” NML company secretary Khalid Mahmood Chohan informed the Pakistan Stock Exchange.

The aforesaid acquisition, however, would be subject to signing of definite agreement(s) between the parties and applicable regulatory approvals, he added further.

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