Pakistan’s textile giant 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 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 $4,500,000,” NML company secretary Khalid Mahmood Chohan informed the Pakistan Stock Exchange.
Nishat Mills added that the aforesaid acquisition will be subject to signing of a definitive agreement(s) between the parties and applicable regulatory approvals.
Established more than 80 years ago, WERNERFELT A/S has a wealth of experience and knowledge in developing and supplying high quality fabrics for Personal Protection and Workwear. Providing a high level of comfort, protection, quality and value combined with a unique multi-site logistic and service solution.
Meanwhile, Nishat Mills is the flagship company of the Nishat Group. It was established in 1951. It is one of the most modern, largest vertically integrated textile companies in Pakistan. Nishat Mills has 227,640 spindles, 805 Toyota air jet looms. The Company also has the most modern textile dyeing and processing units, 2 stitching units for home textiles, Two stitching units for garments, and Power Generation facilities with a capacity of 120 MW. The Company’s total export for the year 2016 was Rs. 35.931 billion (US$ 344.744 million). Due to the application of prudent management policies, consolidation of operations, a strong balance sheet, and an effective marketing strategy, the growth trend is expected to continue in the years to come. The Company’s production facilities comprise of spinning, weaving, processing, stitching, and power generation.