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Sunrays Textile Ltd to acquire 100% ownership of EMBEE Industries

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June 29, 2021 (MLN): The Board of Directors of Sunrays Textile Mills Limited at their meeting held on June 28,2021 has decided to invest surplus funds available with the company by the acquisition of 173,500 Ordinary shares of an associated company EMBEE Industries Pvt Limited.

The aforesaid proposed acquisition is subject to the approval of the shareholders of the company.

The shares will be acquired at a price of Rs1,100 per share, aggregating to Rs190.95mn. After this acquisition, EMBEE Industries Ltd will become 100% owned subsidiary of Sunrays Textile Mills, company’s notice to PSX said.

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Posted on: 2021-06-29T10:38:00+05:00

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