Nishat Mills informed to the Pakistan Stock Exchange that its board had agreed to purchase the Danish fabric maker Wernerfelt through Nishat International FZE Dubai or the company itself.
“The Board of Directors of Nishat Mills Limited has decided to acquire 100 percent of the issued share capital of Wernerfelt by the company and/or Nishat International FZE Dubai for an amount up to $4,500,000 and to sign any or all of the agreements necessary to effectuate the acquisition along with the transfer of complete management control of Wernerfelt by the company and/or Nishat International FZE.”
The aforementioned purchase is subject to the parties’ execution of a formal agreement or agreements and all necessary regulatory clearances. Wernerfelt, which was founded more than 80 years ago has a wealth of expertise in the development and delivery of premium textiles for work-wear and personal protection.
Meanwhile, Nishat Mills Limited, incorporated in Pakistan under the Companies Act, of 1913 (Now Companies Act, 2017), is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling and otherwise dealing in yarn, linen, cloth and other goods and fabrics made from raw cotton, synthetic fibre, cloths and to generate, accumulate, distribute, supply and sell electricity.
