As per the approval of the State Bank of Pakistan, the company will initially make an equity investment up to $100,000, along with seed money of $10,000.
The board approved the equity investment during its meeting held on Tuesday at the company’s head office in Lahore, says a notice sent to the Karachi Stock Exchange (KSE).
The notice says that as per the approval of the State Bank of Pakistan, the company will initially make an equity investment up to $100,000, along with seed money of $10,000. Moreover, the investment will be raised up to $1 million after taking obligatory approvals from the central bank.
During the meeting, the board of Nishat Chunian also decided to reorganise, reconstruct and separate investments from the textile business of the company to more effectively manage its affairs in the best interests of its shareholders.
Accordingly, the board of directors approved appointment of a consultants consortium to study Nishat Chunian’s business model and recommend a viable proposal for consideration and approval.
Nishat Chunian closed up Rs1.38 at Rs35.66 during yesterday’s trading session at the KSE.
Published in The Express Tribune, January 9th, 2013.
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Good initiative indeed - It is about time that Pakistani Business Houses, Dynastic and in some cases One Man Show (Sethia), get decent consultancy from the likes of Mackensy to give a professional boost to 'Organisational Structure' and 'Human Resource'. This will go a long way in aggressive effective progressive business growth as well as smooth transition and business continuity irrespective of the fact which generation is running the show.
Nishat Group making such a minimal investment, nice to know how dollar can be exported by statebank's permission in chunks for years to come.