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Chinese firm intends to acquire pakistani textile mill

Chinese firm intends to acquire pakistani textile mill Source: www.chinatexnet.com
Date: 16-12-2013
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Chinese textile firm Shandong Ruyi Technology Group Ltd., has announced its intention to acquire up to 52 percent of ordinary shares of the Pakistani firm Masood Textile Mills Ltd (MTM), located in Faisalabad, through an agreement or public offer.
 
The Chinese textile group sent a notice to the Karachi Stock Exchange (KSE), in which it has stated that the company wishes to acquire 31.2 million ordinary shares of MTM, which comes up to approximately 52 percent of the total issued shares of the target company, i.e. MTM.
 
The notice was sent to KSE through AKD Securities Ltd which has been appointed as manager to the offer for the potential acquisition.
 
Earlier this year, the Chinese textile group had expressed interest in entering into a joint venture (JV) with the Pakistan Cotton Ginners Association (PCGA) for establishing a ginning and spinning industry in the country.
 
Shandong Ruyi Technology Group, based in the Shandong province of China, is one of the top ten Chinese enterprises in the textile industry involved in textile and clothing, cotton textile, cotton printing and dyeing, knitting, fiber, and jeans. The company also has a state-grade technical center and research and development (R&D) department.
 
Masood Textile Mills is one of the few vertically integrated textile mills in Pakistan with in-house yarn, knitting, fabric dyeing, processing, laundry and apparel manufacturing facilities. Currently, 85 percent of the company’s production is exported to the US while the rest 15 percent is destined for Europe.
 
The textile mills has an annual production capacity of about 120,000 dozen per month of fashion garments like Polo, Rugby and Henley shirts along with basic garments like crew neck t-shirts, sweat shirts, boxer shorts and bikinis.
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