Kohinoor Textile Mills Limited cancelled the acquisition of the remaining 17.08% stake in Maple Leaf Capital Limited from Taufique Sayeed Saigol, Tariq Sayeed Saigol, Shehla Tariq Saigol, and Waleed Tariq Saigol.
August 31, 2018
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Kohinoor Textile Mills Limited (KASE:KTML) agreed to acquire the remaining 17.08% stake in Maple Leaf Capital Limited from Taufique Sayeed Saigol, Tariq Sayeed Saigol, Shehla Tariq Saigol, and Waleed Tariq Saigol for approximately PKR 530 million on August 31, 2017. Under the terms, Kohinoor Textile Mills Limited will acquire 51.5 million shares at PKR 10.24 per share, increasing its shareholding from 82.92% to 100% in Maple Leaf Capital Limited. Taufique Sayeed Saigol, Tariq Sayeed Saigol, Shehla Tariq Saigol, and Waleed Tariq Saigol will sell 8.38%, 5.03%, 3.32%, and 0.37% stake in Maple Leaf Capital Limited, respectively. The consideration will be paid in cash using surplus funds. As at June 30, 2017, Maple Leaf Capital Limited had total equity of PKR 4.52 billion. The transaction is subject to approval of the shareholders of Kohinoor Textile Mills Limited and was approved by its Board on August 31, 2017. The shareholders' meeting will be held on September 26, 2017. HLB Ijaz Tabassum & Co., Chartered Accountants acted as a valuer in the transaction.
Kohinoor Textile Mills Limited (KASE:KTML) cancelled the acquisition of the remaining 17.08% stake in Maple Leaf Capital Limited from Taufique Sayeed Saigol, Tariq Sayeed Saigol, Shehla Tariq Saigol, and Waleed Tariq Saigol on August 31, 2018.
Kohinoor Textile Mills Limited is a Pakistan-based holding company, which is engaged in manufacturing of yarn and cloth, processing and stitching the cloth and trade of textile products. Its segments include spinning, weaving, processing and home textile, power, investment, and cement. The spinning segment produces yarn using natural and artificial fibers. The weaving segment produces greige fabric using yarn. The processing and home textile segment is engaged in processing greige fabric for production of printed and dyed fabric, and manufacturing of home textile articles. The power segment is engaged in the generation of electricity. The investment segment is focused on investing capital in any sort of financial instruments and commodities. Its spinning production facilities comprise 158,544 ring spindles capable of spinning a range of counts using cotton and man-made fibers. Its subsidiaries include Maple Leaf Cement Factory Limited, and Maple Leaf Capital Limited, among others.
Kohinoor Textile Mills Limited cancelled the acquisition of the remaining 17.08% stake in Maple Leaf Capital Limited from Taufique Sayeed Saigol, Tariq Sayeed Saigol, Shehla Tariq Saigol, and Waleed Tariq Saigol.