Profit : 2020-10-26

26 : 26 : 26


Ravi Textile Mills to be acquired by steel mill owners A potential takeover leaves Ravi’s staff stumped; unclear what direction the company will take next W hat are two steel mill owners doing in taking over a publicly listed textile mill? On October 16, Ravi Textiles Mills was informed that two - re more than 51% of all shares in the company, along with management control. AKD Securities, the investment bank and securities brokerage house that is the manager to the offer, said that the public announceme­nt of intention would be published in English and Urdu newspapers on October 19. contacted Ravi Textiles, staff said they had literally heard about the intention after the newspaper ad was circulated among staff, and that they had no idea who the group was or their motives, apart from the fact that they were based in Lahore. We shall get to the mystery of these two Lahori businessme­n in a bit. The greater mystery is why they are interested in Ravi Textiles at all, a company that ceased production in 2015. ailing business. To recap: the company is a publicly listed company that was incorporat­ed in 1984, and was designed to to manufactur­e and trade yarn. But it failed to do so. Its mill, which is located in Kasur district, suspended operations between 2012 and 2014, and again between 2015 and 2020. If one looks at the ‘Six 26

© PressReader. All rights reserved.