Nishat Chunian to invest $1m in US
Company to set up a subsidiary to market, sell textile products.
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.
KARACHI:
Nishat Chunian’s is going to invest $1 million to set up a wholly owned subsidiary in the United States for marketing and trading its textile products.
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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Nishat Chunian’s is going to invest $1 million to set up a wholly owned subsidiary in the United States for marketing and trading its textile products.
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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