Nishat Mills to exit dairy venture with Turkish partner Sutas

Nishat Mills to exit dairy venture with Turkish partner Sutas.

Key points

• Murree Brewery, Systems Limited, Sazgar create it to Forbes 'Asia's Best Under A Billion' list.
• NSDL is an associated firm of Nishat Mills Limited, established as a joint venture with Sütaş Süt Ürünleri A.Ş., Türkiye.
• NML disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday.
• Transaction to encourage continued participation of foreign investors in Pakistan's economy, notes Nishat.
• Nishat Mills shared that Sutas, a leading international dairy firm, has expressed its willingness to acquire and continue to operate NSDL.

Transaction to encourage continued participation of foreign investors in Pakistan's economy, notes Nishat. Add BRecorder as a trusted source on Google.

Nishat Mills Limited (NML) has approved the divestment of its entire 49.1% stake in Nishat Sutas Dairy Limited (NSDL) to its Turkish joint venture partner, Sütaş Süt Ürünleri A.Ş.

"The Board of Directors of the company has, after due deliberation and taking into account the prevailing market and regulatory conditions affecting the dairy industry and the consequent strain on its financial position, determined that it is in the best interest of the company and its shareholders to exit from its investment in Nishat Sutas Dairy Limited (NSDL), " read the notice.

"Accordingly, the board has approved the proposed divestment of the company's entire shareholding in NSDL to its joint venture partner, Sutas, at a proposed consideration of Rs5 per share, subject to the approval of the shareholders of the company and compliance with all requisite legal and regulatory formalities, including execution of the definitive transaction agreement(s), " it continued.

Notably, the development is subject to the execution of the definitive transaction agreements and completion of the applicable approvals.

"The transaction would also encourage the continued participation of foreign investors in Pakistan's economy and demonstrates the continued commitment of a foreign strategic investor to Pakistan's dairy sector and economy, " it continued.

Nishat Mills looks to sell hospitality business, will establish subsidiary in Türkiye.

Pakistan textile giant intends major expansion in renewable energy, yarn, and dairy. Sütaş Süt Ürünleri A.Ş. Pakistan seeks $10bn US Exchange Stabilisation Backing Facility, Aurangzeb confirms.

PM Shebaz asks petroleum minister to travel to Karachi over fuel rates. Oil hits three-week high on uncertainty over Hormuz. Bilawal urges opposition to return to parliamentary committees. PSX: KSE-100 settles 1, 100 points lower against the backdrop of late selling. Govt launches Retailer Scheme App to bring millions into tax net.

Murree Brewery, Systems Limited, Sazgar create it to Forbes 'Asia's Best Under A Billion' list. Pakistan rupee records gain against US dollar. Gold cost per tola drops Rs3, 700 in Pakistan. Trump pauses tariffs on Canadian imports, Carney notes key work remains.

Taken together, the developments around nishat Mills to exit dairy venture with Turkish partner Sutas point to a situation that is still moving, and the coming days should bring more clarity.