Nishat Mills to exit dairy venture with Turkish partner Sutas
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. NML disclosed the development in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. “The Board of Directors of the company has, after due deliberation and taking into account the prevailing market and…
Nishat Mills Limited (NML) has decided to sell its 49.1% stake in Nishat Sutas Dairy Limited (NSDL) to its Turkish partner, Sütaş Süt Ürünleri A.Ş. The company announced this move in a notice to the Pakistan Stock Exchange (PSX) on Wednesday. NML's Board of Directors concluded that exiting the investment in NSDL is the best decision for the company and its shareholders, considering the current market and regulatory conditions affecting the dairy industry.
NSDL is an associated company of NML, jointly established with Sütaş Süt Ürünleri A.Ş., a leading dairy company from Türkiye. The Board approved the proposed divestment of the entire shareholding in NSDL to the joint venture partner, Sutas, at a consideration of Rs5 per share, pending shareholder approval and compliance with legal and regulatory formalities.
Sutas has shown interest in acquiring and continuing the operations of NSDL. The transaction is subject to the execution of definitive transaction agreements and the completion of necessary approvals. This move could encourage further foreign investment in Pakistan's economy and highlight the commitment of a foreign strategic investor to Pakistan's dairy sector and economy.
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