Sapphire Textile Mills Limited, one of the country’s leading textile manufacturers, is set to expand its international presence through a strategic investment in RTS Textiles Group Limited, a UK-based company specializing in workwear fabrics.
The textile mill disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Tuesday.
“Sapphire Textile Mills Limited has entered into agreements for the acquisition of a minority shareholding in RTS Textiles Group Limited, a company incorporated and registered in England and Wales.
“RTS Textiles Group specializes in the manufacture and sale of workwear fabrics globally,” read the notice.
SAPT said that the acquisition is subject to the terms of the agreements.
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“The company may acquire shares of RTS Textiles Group Limited either directly or through a subsidiary,” it said, adding that the completion of the transaction is subject to receipt of necessary corporate and regulatory approvals.
“It is anticipated that the strategic partnership will result in synergies in manufacturing, marketing and research and development between the parties to bring value to the customers and boost exports from Pakistan,” added the company.
SAPT is a flagship company of the prolific Sapphire Group. Incorporated as a public limited company in 1969, the company today boasts a market capitalisation north of Rs31.6 billion.
The vertically integrated textile unit manufactures cotton yarn, fabric, and home textile products (and more recently, power generation). It holds more than 10% share in the listed textile composite sector’s sales.
Sapphire’s manufacturing units are in Sindh and Punjab.
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