Cordoba Logistics invests Rs65mn in Children Clothing Retail

MG News | December 30, 2021 at 12:40 PM GMT+05:00

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December 30, 2021 (MLN): The board of directors of Cordoba Logistics & Ventures Limited (CLVL), in its meeting held today, has approved investment of Rs65 million in Children Clothing Retail (Private) Limited (CC Retail), the company’s filing on bourse showed today.

This investment will be made by purchasing a 50.0002% stake, comprising 650,002 ordinary shares of CC Retail. Following the transfer of these shares, CC Retail will become a subsidiary of Cordoba Logistics & Ventures Limited. Moreover, the Company will be entitled to two board seats of CC Retail.

CC Retail is Pakistan's premier children fashion destination for newborns to twelve years old. From fancy fashion designers to famous global brands, CC Retail offers parents a unique alternative to the mainstream kids brands in the current Pakistani retail landscape. They showcase a wide variety of brands sourced from all over the world. They have a specially curated collection of children's clothing, bedding, travel essentials. toiletries, maternity solutions and many more.

In addition, the board also approved an investment of Rs0.70 million for the purchase of 100% shareholding comprising 6,000 ordinary shares of INF19 Ventures (Pvt.) Ltd. a company incorporated with the objective of conducting IT-based business and have not yet started operations.

On the above acquisition, INF19 Ventures will be a wholly-owned subsidiary of the CLVL.

Furthermore, the board agreed to initiate the process for procurement of buses worth Rs300 million (approximately) from authorized dealers and to negotiate terms & conditions with transporters for rental of these buses along with arrangements of requisite funds in line with the terms & conditions approved by the board through, but not limited to, sponsor loan, lease finance facility via banks/ financial institutions etc., for procurement of these buses.

To recall, last month, PSX allowed the quoting of Cordoba Logistics & Ventures Ltd (CLVL) (Formerly: Mian Textile Industries Ltd.) under the Transport sector.

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