The Board of Directors of Indus Dyeing and Manufacturing Company Limited (IDYM) (the Company) at their meeting held on January 19, 2012 at 3:30 p.m. has decided to invest surplus funds available with the Company by acquisition of 71,540,000 Ordinary shares @ Rs 6.85 per share aggregating to Rs. 490,000,000/- (Rupees Four Hundred Ninety Million) from the shareholders of MIMA Cotton Mills Limited, an unlisted public limited company, making it at 100% wholly owned subsidiary of the Company through execution of an Agreement for Purchase of Shares. The whole amount of investment shall be paid through banking channel.
The rationale behind an investment in MIMA Cotton Mills Limited is to promote business activities of the Company, as both the companies have the same line of business. It is envisaged that the spinning unit will yield more profit, resulting in declaration of dividend in future.
For more information, contact:
Ahmed Faheem Niazi
Company Secretary
Indus Dyeing and Manufacturing Company Limited
5th Floor, Office No. 508 Beaumont Plaza,
Beaumont Road, Civil Lines Quarter,
Karachi, Pakistan.
Tel # (92-21) 111-404-404
E-Mail: info@indus-group.com
Web Site: www.indus-group.com
Source: Pakistan Business News
