Majority shareholders of Masood Textile Mills have formally agreed to sell 52% shareholding through a Share Purchase Agreement with a Chinese group and two other acquirers, according to a notice sent to the Karachi Stock Exchange (KSE) on Monday.
The decision follows the amended public announcement of intention notification that Shandong Ruyi Science and Technology Group, Shahid Nazir Ahmad and Nazia Nazir issued on January 3 for the acquisition of up to 31.2 million ordinary shares of Masood Textile Mills through AKD Securities, which is acting as a manager to the offer.
Masood Textile Mills is a Faisalabad-based, vertically-integrated textile manufacturing company with in-house yarn, knitting, fabric dyeing, processing, laundry and apparel manufacturing facilities. It posted a net profit of Rs906.3 million in 2012-13, which was 8.5% higher than its earnings in the preceding fiscal year. Its revenues grew at an annualised rate of 25% between 2008 and 2012.
Buy-out: Chinese firm to acquire Masood Textile Mills