Chinese top textile conglomerate Shandong Ruyi Group is ready to take over major share of a Pakistanâ€™s textile enterprise Masood Textile Mills (MTM), one of the most technologically advanced enterprises next week as Pakistan gets the GSP-plus status which will allow almost 20 per cent of Pakistan exports to enter the EU market at zero tariff and 70 per cent at preferential rates.
Jerry Liu, Vice-Chairman of Shandong Ruyi is leaving Beijing early next week at the head of his team for making $ 100 million investment. The deal for acquisition of 52 per cent share of Faisalabad- based Pakistani textile enterprise is expected to be signed on January 9.
According to media reports, as per the KSE regulations about substantial acquisition in a listed company, Shandong Ruyi Technology Group has formally expressed its intention to acquire up to 31.2 million ordinary shares of Masood Textile Mills through AKD Securities, which is acting as a manager to the offer.
The Pakistan Embassy Beijing has facilitated the visit of the delegation, a source at Pakistan Embassy told APP Thursday.
The source said that the Chinese group was committed to further make technological improvement as well as employ new marketing technology to make the venture more successful.
Shandong Ruyi Science & Technology Group is a leading and top ten enterprises in textile industry, as well as one of the 100 key enterprises in Chinaâ€™s industrial hub of Shandong province.
According to the companyâ€™s website, the Group being involved in rabbit hair spinning, textile & clothing, cotton textile, cotton printing and dyeing, knitting, fiber, jeans and real estate, Ruyi Group has become a well-known textile-related pluralism group, with the total assets of RMB 5.5 billion Yuan and nearly 20 thousand employees.
In 2007, the Group achieved the sales revenues of RMB 7.5 billion Yuan, EBIT of RMB .740 million Yuan and total imports & exports of USD 430 million.
Ruyi Group holds autonomy in export and import and has obtained the certification of ISO9001 and ISO14001. Ruyi possesses great advantages in core technology and scientific and technological innovation.
Due to its excellent products, Ruyi has been awarded various national golden and silver prizes. Ruyi clothing has been honoured as â€œFree of Inspectionâ€ by General Administration of Quality Supervision, Inspection and Quarantine of PRC. The trademark of â€œRuyiâ€ is a noted brand in China. Its products are honoured with â€œChinese Famous Brandâ€ and â€œNoted Export Brandâ€ given by Ministry of Commerce of PRC. In 2001, Ruyi Group invested and established Ruyi Hi-tech Industry Park in Jining Hi-tech Development Zone, with a land area of 1,000 Chinese mus. The park includes Hi-tech Textile Material Area, Clothing Area, other hi-tech areas and R&D Centre, all of which have been completed by now for operation.
In 2005 Ruyi Group built China Textile Base with a production capacity of 0.5 million spindles in Wanzhou District of Chongqing, which has become the biggest production base of compact spinning in China and even in the world.
The textile sector of Pakistan is all set to get unprecedented boost in financing, state of the art technology, new marketing technique as well as job opportunities for locals.
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