Shanghai Challenge Textile Company Limited revealed agreement inked with Aizad Corporation (Pvt ) Limited, Masood Impex (Pvt) Limited and Binyamin Muhammad Hussain, shareholders of Masood Textile Mills Limited from Pakistan, acquiring 14.6 million MTM common shares held by them for USD 1.91 per share, taking up 24.36% of all the MTM common shares.
Source: 4-Traders
Editors Note: Earlier, Masood Textile was in talks with Shandong Ruyi to sell 52% shares for USD 2/share. The offer was withdrawn due to issues raising acquisition financing by the Chinese investor. For details please read the Wall Street Journal article, Lack of Local Lending Sinks Chinese Company’s Pakistan Deal
