Nishat Mills to Incorporate New Private Company in UK

The Board of Directors of Nishat Mills Limited (PSX: NML) has accorded its approval to the incorporation of a private limited company in the United Kingdom. The company will be established through NML’s wholly-owned subsidiary Nishat International FZE, United Arab Emirates, subject to the grant of all applicable regulatory approvals, and in compliance with all applicable laws. The Company is engaged in the business of textile manufacturing and of spinning, combing, weaving, bleaching, dyeing, printing, stitching, apparel, buying, selling and otherwise dealing in yarn, linen, cloth, and other goods and fabrics made from raw cotton, synthetic fiber, and cloth, and to generate, accumulate, distribute, supply and sell electricity. At the time of filing, NML’s scrip at the bourse was Rs. 64.9, up 1.55 percent or Rs. 0.99 with 193,361 shares on Monday.