Colony Textile Mills (CTM) Limited has decided to invest Rs. 30 million in its wholly-owned subsidiary Stitchrite (Private) Limited.
According to a stock filing, the equity investment is based on a subscription of 3,000,000 shares of Rs. 10/- each against a right offer made by Stitchrite (Private) Limited in accordance with the provisions of the Companies Act, 2017.
CTM was established as a textile manufacturing unit on January 12, 2011, and acquired “Colony Mills Limited” and Colony Industries (Pvt) Limited in 2014. Colony Textile Mills Limited was the principal company established as a textile manufacturing unit in 1946 which was later merged with and into Colony Mills Limited in 2006.
StitchRite (Pvt.) Limited, a wholly owned subsidiary of Colony Textile Mills Limited, is operating as a 100 percent export-oriented apparel manufacturer since 2019. StitchRite is currently equipped to produce 1,000,000 garments per annum.
CTM’s scrip at the bourse closed at Rs. 3.26 which is down by Rs. 0.06 or 1.81 percent DoD.