New enterprise: Nishat Group establishes new subsidiary

It approved to issue bank guarantees to Nishat Commodities amounting to Rs1 billion


Our Correspondent July 15, 2015
The company said that its board of directors has approved to invest an amount not exceeding Rs7 million by the way of equity investment and up to Rs2 billion in the form of loans and advances. PHOTO: NISHAT GROUP

KARACHI:


Nishat Mills - part of the Nishat Group, one of the largest private sector conglomerates in Pakistan - on Tuesday announced that its board of directors has decided to establish a new private wholly owned subsidiary by the name of Nishat Commodities (Private) Limited with an authorised share capital of Rs10 million.


In a notice to the Karachi Stock Exchange (KSE), the company said that its board of directors has approved to invest an amount not exceeding Rs7 million by the way of equity investment and up to Rs2 billion in the form of loans and advances for the proposed Nishat Commodities Limited.


Furthermore, it approved to issue bank guarantees to Nishat Commodities amounting to Rs1 billion from banks and financial institution of Nishat Mills Limited. Nishat Group is one of the leading and most diversified business groups in Pakistan and ranks amongst the top five business houses of the country. The group has strong a presence in textiles, cement and financial services. the group also has reasonable market share in the insurance sector, power generation, paper products and aviation.


Published in The Express Tribune, July 15th,  2015.

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