Nishat Mills Limited has decided to acquire 100 percent of the issued share capital (along with the transfer of complete management control) of Wernerfelt.
In a notice to the Pakistan Stock Exchange (PSX), the company said its Board of Directors in their meeting held on Friday (today), has decided to acquire 100 percent of the issued share capital (along with a transfer of complete management control) of WERNERFELT by Nishat Mills Limited and/or Nishat International FZE, Dubai (a wholly owned subsidiary of the Company) for a consideration up to $4.5 million from Lars Lauridsen Holding ApS.
The aforesaid acquisition, however, will be subject to the signing of a definitive agreement(s) between the parties and applicable regulatory approvals, the notice added.
Wernerfelt, established over 80 years ago, has a wealth of experience and knowledge in developing and supplying high-quality fabrics for Personal Protection and Workwear.
