Eleven Pakistan textile companies invested in foreign firms in last 5 yrs

With the Pakistani government allowing residents and firms to invest in foreign companies with prior approval of the State Bank of Pakistan (SBP) vide SBP circular FE-12 dated September 1, 2001, eleven Pakistani companies have invested Rs 664.02 million abroad in textile-related businesses during the last five years.

The 11 textile companies, including Colony Industries (Pvt) Limited, Nishat (Chunian) Limited, Sapphire Finishing Mills Limited, Nishat Mills Limited and Pakistan Bedwear Exporters Association had invested Rs 664.02 million from 2012 to 2016 in American and other counties’ textile firms.

US Apparel & Textile Mills Limited invested $0.2 million in US Apparel & Textile, Saudi Arabia, on September 12, 2012. Naveena Exports Limited did $0.050 million investment in its liaison office in Bangladesh on September 12, 2012, while the SBP had formally given its approval on December 3, 2013. Pakistan Bedwear Exporters Association invested $0.629 million in its liaison office in Paris, France, which was approved on December 9, 2013. Sapphire Finishing Mills Limited invested $0.229 million in Sapphire Finishing Mills Limited, Norway. The SBP approved this investment on March 10, 2014. Moreover, Nishat Mills Limited invested also invested $0.05 million in foreign firms.

By virtue of this circular, the SBP allowed the below listed companies to invest in textile-related businesses abroad during the last five years. Colony Industries (Pvt) Limited had invested $4.500 million in its wholly owned subsidiary and the State Bank of Pakistan (SBP) had given the approval on April 5, 2012. EssaTex Industries invested $0.216 million in EssaTex LLC, Dubai, UAE, while the SBP had given the approval for this investment on August 31, 2012. Nishat (Chunian) Limited invested $0.110 million in Nishat Chunian USA Inc, New York, and the SBP approved his proposal on December 11, 2012. Nishat Mills Limited invested $0.200 million in Nishat UAE, LLC, and the SBP allowed this on December 13, 2012. Sabir Textile Mills Limited invested $0.050 million in Ideal Textile Corporation USA, and it received the approval from the SBP on May 14, 2012. Siddiq Sons Limited invested $0.090 million in its branch offices in Canada, UAE and the US, and the SBP had given the approval for this purpose on June 25, 2012.