Comment by Riaz Haq on August 30, 2017 at 8:16am

#Malaysia Axiata's Edotco buys 55% stake in #Pakistan cell tower co with Pakistan's Dawood Hercules 45% for US$940m
http://www.theedgemarkets.com/article/axiatas-edotco-adds-13000-pak...

KUALA LUMPUR (Aug 30): Axiata Group Bhd's 62.4%-owned subsidiary edotco Group Sdn Bhd announced its biggest expansion plan to-date with the proposed acquisition of 13,000 towers in Pakistan for US$940 million to solidify its position as one of the largest independent tower companies in the world.

In a statement today, edotco said it, together with Pakistan-listed Dawood Hercules Corp Ltd (DH Corp), is acquiring the towers from Pakistan Mobile Communications Ltd (PMCL).

DH Corp, with a market capitalisation of US$600 million, is one of Pakistan's largest conglomerates with a varied business portfolio which includes fertilisers, foods, chemical storage and handling, trading, energy — including independent power production, renewables and petrochemicals.

The proposed deal follows edotco's recent acquisition of Tanzanite Tower Private Ltd and its 700 towers in June.

Today, edotco said Tanzanite has entered into an agreement with PMCL to acquire the latter's tower subsidiary Deodar Private Ltd and its portfolio of over 13,000 tower assets.

As part of the transaction partnership, DH Corp will be investing a 45% equity stake in edotco Pakistan Pte Ltd, which in turn owns Tanzanite, with the remaining 55% controlling stake to be held by edotco.

The total transaction consideration for the proposed acquisition will be funded through a combination of external local debt of US$600 million and an equity split of US$174 million by edotco and US$166 million by DH Corp for their respective stakes.

Subject to the customary and regulatory conditions precedent being fulfilled, the acquisition is scheduled to be completed in the fourth quarter of 2017.

With its existing portfolio of over 26,000 towers owned and operated across six countries, the move will effectively place edotco as the eighth largest independent tower company and second largest multi-country tower operator globally.

The acquisition will lead edotco to have a portfolio of approximately 40,000 towers being operated and managed across the region, comprising some 32,000 owned and operated with a further 8,000 towers managed through a range of services provided.

edotco chief executive officer (CEO) Suresh Sidhu said the acquisition of Deodar is a critical part for the company's growth strategy and ambition to position edotco as the leading independent telecommunications infrastructure services provider in Asia.

"With DH Corp as our partner, we are confident in the potential of the market in Pakistan and will continue to demonstrate our long-term commitment to supporting the development and enhancement of the country's telecommunications infrastructure," he said.

As the majority shareholder of edotco, Axiata's president and group CEO Tan Sri Jamaludin Ibrahim said the group supports the proposed transaction, which will further elevate edotco's position as a leading independent tower company globally and bring strong financial accretion to the company.

"It will also help create a more balanced portfolio for edotco in having three operations of significant size and nature which are Malaysia, Bangladesh and Pakistan," he said.

Comment by Riaz Haq on March 7, 2018 at 5:03pm

Singer Pakistan to acquire appliance makers

https://www.thenews.com.pk/print/249582-singer-pakistan-to-acquire-...

Singer Pakistan Limited on Monday announced to acquire home appliance manufacturers Cool Industries and Link Well in shares swap arrangements. 
“Cool Industries (Private) Limited (CIL) will be merged with and into Singer, against which 93.975 million shares will be issued to the shareholders of CIL based on a swap ratio of approximately 1.79 shares of Singer for every one share of Cool Industries (Private) Limited,” a bourse filing said. 
Moreover, Link Well (Private) Limited (LWL), famous for brand name Waves, will be merged with and into Singer against which 2.475 million shares will be issued to the shareholders of LWL based on a swap ratio of approximately 0.33 shares of Singer for every one share of Link Well (Private) Limited. 
Link Well provides products and services for gas appliances and home appliances. 
Singer Pakistan Limited will be renamed into Waves Singer Pakistan Limited as a result of merger. 
Haroon Khan, chief executive officer at Singer Pakistan said the business environment remained challenging in the consumer appliances sector due to severe competition and entry of new retailers with rise in consumer financing. 
“However, the management remains committed to continue adding value to the business by continually investing, innovating and improving operations,” Khan said in the company’s January-June financial report. 
But, the market did not positively react to the development as Singer shed three percent to close at Rs39.40/share. 
Singer Pakistan also announced to demerge its retail business into its wholly-owned subsidiary, Electronics Marketing Company (Private) Limited, which will issue 24.8 million shares in favour of Singer. 
“The scheme of arrangement is subject to obtaining all necessary shareholders’, creditors’ and regulatory approvals, and the sanction of the scheme by the High Court of Sindh along with fulfillment of related legal formalities,” the notice to Pakistan Stock Exchange said. 
Last year, Singer Pakistan’s Amsterdam-based parent also offloaded its holding in the local operation. 
The company said the divestment was a policy decision of Singer Asia Limited, indicating its departure was not Pakistan-specific. 
The board has already approved sale of the company’s factory land and buildings 
and to simultaneously enter into a lease agreement with the prospective purchaser of the property for the continuation of uninterrupted use of the required area for business and manufacturing activities of the company. 
“Proceeds are expected to be substantially used for the settlement and the reduction of the company’s borrowings enabling the company to reduce its borrowing cost,” the company said in the earnings report.

Comment by Riaz Haq on August 2, 2018 at 10:47am

#China’s #dairy giant Yili Group expresses intent to acquire 51% of #Pakistan's Fauji Foods
https://tribune.com.pk/story/1770535/2-chinas-yili-group-expresses-...

A China-based dairy firm has expressed its intention to acquire a majority stake with management control in Fauji Foods Limited (FFL), known for its Nurpur brand, according to a notice sent on Tuesday to the Pakistan Stock Exchange (PSX).

The potential acquirer, Inner Mongolia Yili Industrial Group Company Limited, will hold talks to acquire 51% voting share in FFL from its parent firm, Fauji Fertilizer Bin Qasim Limited (FFBL), and other shareholders.

The announcement was taken as a positive by investors as FFL’s share price gained by the maximum limit of 5%, increasing Rs1.72 to Rs36.12 with 345,000 shares changing hands on a day the KSE-100 Index witnessed profit-taking and plunged 1.94%. FFBL’s share price also hit the upper price limit, closing at Rs39.55 with a volume of 259,000 shares.
Fauji Fertilizer to inject $39m into Thar Energy

“We have received a notice of public announcement of intention from a potential acquirer, Inner Mongolia Yili Industrial Group Company Limited, whereby the potential acquirer has expressed its intention to enter into negotiations or discussions with Fauji Fertilizer Bin Qasim Limited (FFBL) for the proposed acquisition of upto 51% of the voting shares and/or control in Fauji Foods Limited, from FFBL and other shareholders,” FFL company secretary Brig, Zahid Nawaz Mann was quoted as saying in the PSX notice.

Fauji Cement’s profit jumps 19% to Rs824m

Inner Mongolia Yili Industrial Group Co. Ltd. is a China-based company, principally engaged in the processing, production and distribution of dairy products and mixed feedstuffs, according to Reuters. Subject to execution and approval of the deal by regulators, this would be the second transaction involving foreign direct investment (FDI) in the current month.

Around a week ago, Dutch company, Vopak LNG Holding B.V., executed an agreement with Engro Corporation to acquire 29% stake in Elengy Terminal Pakistan Limited (ETPL) at a price of $38 million.

The country received a total of $2.76 billion in FDI in the previous fiscal year 2018.

The transaction, subject to approval, will also be the second major acquisition in Pakistan’s formal food sector by a foreign firm. Earlier, another Dutch firm, FrieslandCampina Pakistan B.V. (FC Pakistan), acquired 51% stake in Engro Foods at a price of $446.81 million in December 2016.

Comment by Riaz Haq on June 19, 2019 at 8:46pm

#Pakistan Home #Appliance Maker Dawlance Manufactures Its 10 Millionth Unit. Company makes #Refrigerators, #Freezers, #AirConditioners, #Microwave Ovens, Built-in #Ovens, #WashingMachines, Water Dispensers, #Dishwashers, and small #kitchen appliances. https://www.oyeyeah.com/news/dawlance-manufactures-its-10-millionth...

The market-leader in Pakistan’s Consumer-Electronics and Home Appliances market – Dawlance has now achieved another huge milestone, by manufacturing its Ten Millionth unit. Completing its 40 years of excellence, this enterprise is a fully owned subsidiary of Arçelik A.S. – The largest Turkish enterprise and the third-largest manufacturer in Europe.

The Chief Executive Officer of Dawlance – Mr. Umar Ahsan Khan stated that: “Dawlance is the biggest Turkish investment in the economy of Pakistan. Producing its 10 millionth Unit is the strongest evidence of the brand’s reliability. It is an unforgettable moment for us as we enter this new era of consumers’ confidence. The company is thankful to its over 4000 employees, our consumers, stakeholders, distributers, and dealers all over Pakistan, along with everyone else who contributed to the success and growth of the company.”

The Head of Production at Dawlance – Mr. Ameen Ahmed expressed his delight and said; ”We have come a long way since the company’s humble beginning, back in 1980, when a small assembly plant was established in Hyderabad. Today, the company has grown tremendously, operating 3 large-scale manufacturing units in Pakistan. The 10 millionth product is a testament to our passion and commitment, to strengthen Pakistan’s industrial-base and economy.”

Through this resourceful collaboration, the most reliable brand has been established, to offer the highest quality electronics and services to Pakistani consumers. Our most innovative technologies also promise the conservation of energy. Being a socially responsible organization, it generously contributes towards credible initiatives for community-development and other healthy socio-cultural activities, to create more economic opportunities and empower its consumers.

It caters to consumers’ 3 different functions; Food Care, Fabric Care and Home Care with a wide range of appliances including; Refrigerators, Freezers, Air-Conditioners, Microwave Ovens, Built-in Ovens, Hoods and Hobs, Washing Machines, Water Dispensers, Dishwashers, and small kitchen appliances. Consumers can enjoy the ‘Grand Warranty’ on all Dawlance products sold all over Pakistan, without paying additional costs or any registration process.

All Dawlance Refrigerators and Freezers come with a 12 Years Compressor Warranty (including Inverter and non-inverter technology). All its new models of Washing Machines are covered by a 10 Years Motor Warranty.

With the continued focus on customer care and after-sales service, it always exceeds the customers’ expectations. With creating newer technologies, every employee is inspired to ensure compliance with global standards and best-practices at every level.

A nation-wide ‘After Sales network’ provides 24/7 Customer-Care, while Technical-Collaborations with Arçelik’s global plants in Turkey, Russia, Romania, Thailand, and South Africa are also nurturing expertise at Dawlance.

Comment by Riaz Haq on August 29, 2019 at 10:00am

#Pakistani Home Appliance Makers Begin #Exports to #EU and #African Countries

https://propakistani.pk/2019/08/27/pakistani-home-appliance-makers-...

Pakistani electronics home appliances brand, Dawlance has become the first-ever company to begin exports of its products to European and African countries.

The company has upgraded its assembly plants with an investment of $60 million over the past three years to meet the high standards of different foreign markets.

This was stated by Dawlance Chief Executive Officer (CEO) Umar Ahsan Khan while talking to ProPakistani after the inauguration of a new assembly line at National Highway Karachi.

Umar Ashan Khan said that they have added two assembly lines of washing machines and water dispensers in its factory. The main objective is to export these appliances in different markets along with meeting the demand of the local market.

The company has obtained a special certification for manufacturing water dispensers to meet EU standards. These products are being exported to EU countries through Turkey. So far, the first consignment of 5,000 dispensers has been exported to Turkey and nearly 5,000 units will be sold in the international market by the end of this year. Whereas our other products, such as washing machines, are being exported to Africa and Middle Eastern Countries, he added.

Mr. Khan continued that Dawlance washing machines are in high demand in Africa because they are more affordable and energy-efficient.

Low Voltage Appliances To Be Introduced
In order to meet the demands of the significant population living off-grid, Dawlance is the first company to start production of low voltage appliances including washing machines, refrigerators, and air-conditioners in the coming months.

CEO Dawlance said:

Dawlance has planned to introduce DC current washing machines which will be operated on solar panels. This will make a difference in the lives of people living in the rural areas of the country. Due to current economic conditions, the sales of home appliances is declining but we are optimistic that the documented economy will bounce back with certain tax measures. With the government’s tax measures now everyone is being registered in the tax system , which will provide us a level playing field.

Dawlance was established in 1980 by Bashir Dawood. Its first refrigerator assembly plant was established in Hyderabad Sindh. The brand captured a significant share in the local market and ultimately attracted foreign investors’ attention. In 2016, Dawood Bashir sold Dawlance to Istanbul based Arçelik.

Comment by Riaz Haq on August 30, 2019 at 4:18pm

#Pakistan #Export Of #Engineering Goods Jumped 176.72% In July to $39.223 million, up from $14.174 million exports recorded during the same month of last year, according to the State Bank of Pakistan. - UrduPoint https://www.urdupoint.com/en/business/export-of-engineering-goods-i...

The export of engineering goods from the country during the first month of current financial year 2019-20 increased by 176.72 percent against the corresponding month of last year.

During the month of July, 2019, the export of engineering goods were recorded at $39.223 million as against $14.174 million exports recorded during the same month of last year, showing growth of 176.72 percent, according to the data issued by the State Bank of Pakistan.

The engineering commodities that contributed positively in external trade included electric fans, export of which grew from $2.614 million last year to $3.428 million during the period under review, showing growth of 31.14 percent, the data revealed.

The exports of transport equipment grew by 5,874 percent from $0.415 million to $24.794 million while the exports of other electrical machinery also increase by 21.37 percent from $2.115 million to $2.567 million.

Moreover, the export of auto parts also increased by 45.93 percent from $1.365 million to $1.992 million.

Meanwhile, the engineering commodities that witnessed negative growth in external trade included export of machinery specialized dipped by 20.97 percent from $2.727million during the period under review to $3.451 million same month of last year, whereas the export of other machinery also decreased by 11.84 percent from $3.715 million to $4.214 million, the data revealed.

Comment by Riaz Haq on August 1, 2020 at 5:02pm

#Pakistan's Dawlance introduces new cooling #technology to store #EidAlAdha #meat for longer periods with #freezer sales spiking. #EidulAzha #refrigerator #appliance https://enews.hamariweb.com/lifestyle/dawlance-introduces-hybrid-co...

Dawlance introduces Hybrid Cooling Technology in New Refrigerator Series that provides the longest cooling retention for upto 6 days

Karachi: 20th July, 2020. The leading manufacturer of innovative home-appliances – Dawlance has further enriched its latest series of refrigerators, with the advanced “Hybrid Cooling Technology” that promises to provide longest cooling retention for up to 6 days. This helps to extend the life of frozen food items and as result provides longevity of life to food items; especially with the Eid ul Adha season approaching it will be able to provide additional value to our consumers.


Since Food-Preservation has now become a necessity, as the lifestyle in households have become much busier there is awareness among the consumers about the concept of food-security, as socio-economic pressures have increased. Every family must take conscious measures to reduce food-wastage. Fortunately, modern technology of Dawlance has provided this solution to meet the evolving needs of the society which aids in reducing food wastage & curb food scarcity on a bigger scale.

In Pakistan where load-shedding and power-outages are a daily occurrence, especially during summer’s season therefore food preservation becomes a major problem in the country.

The Director Sales and Marketing at Dawlance – Syed Hasan Jameel stated that: “Food-wastage is a global concern now and our research indicates that the masses are more aware of the concept of food-security. So, our new range of products will prevent food-wastage despite the frequent power outages in Pakistan.”

Along with the Hybrid Cooling Technology, Dawlance has also introduced 2 other core technologies within its previously launched new refrigerator series, that reflect; “Innovation inspired by nature”. These include; the ‘Nature Lock Technology’ that keeps fruits and vegetables fresh for up to 20 days and the ‘Vitamin-Fresh Technology’ that preserves vitamin A and C for longer durations. Dawlance is a wholly-owned subsidiary of Arçelik – the largest enterprise in Turkey and the 3rd largest manufacturer of home appliances in Europe. It is renowned for extensive research and highly-responsive Customer-Care based on multinational standards and a global vision to produce the highest level of quality.

Comment by Riaz Haq on November 16, 2020 at 9:47pm

#Turkish firms to set up #industrial units in #Pakistan to considerably increase #trade and #investments, especially in #transport, #telecommunications, #manufacturing, #tourism and other industries. #economy https://www.dawn.com/news/1590768

Turkish delegation on Monday expressed their interest for setting up industrial units in Pakistan to start production activities to meet the needs of the construction industry, a press release issued by the Islamabad Chamber of Commerce and Industry (ICCI) said on Monday.

ICCI President Sardar Yasir Ilyas Khan briefed the visiting delegation about the potential business and investment opportunities in the country’s real estate and construction sectors.

He said that Pakistan was a big market with huge demand for housing units and commercial buildings.

He said that the current government has announced a very attractive construction package to boost construction activities in the country and it was the right time for foreign investors to explore Pakistan’s real estate and construction industry for joint ventures and investment.

He said that the Turkish investors should bring technology and expertise and set up industrial units in Pakistan to capitalise on the emerging investment opportunities in construction and other sectors that would also help in maximising economic growth and increasing exports of our country.

He assured that the ICCI would extend all possible assistance and facilitation to Turkish investors for joint ventures and investment in the country.

Speaking at the occasion, Turkey’s ADO Group President Mustafa SAK said that they have seen huge potential for investment in Pakistan and they wanted to set up industrial units to produce construction material and products to meet the needs of the local construction industry.

They said that their collaboration with Pakistani counterparts would be beneficial for both countries.

He said that Pakistan and Turkey have worked to negotiate a preferential trading agreement, aiming to considerably increase trade and investments, especially in transport, telecommunications, manufacturing, tourism and other industries and hoped that its finalisation would further increase the volume of bilateral trade between the two countries.

Comment by Riaz Haq on July 14, 2022 at 7:11am

Japanese dairy giant looks to enhance stake in Pakistan's NutriCo Morinaga for $56.6mn

https://www.brecorder.com/news/40185838

Japanese dairy giant Morinaga Milk Industry has sent a conditional offer to ICI Pakistan to acquire an aggregate of approximately 33.3% of the issued and paid-up share capital of NutriCo Morinaga (Private) Limited (NMPL), a subsidiary of ICI Pakistan, from NMPL's existing shareholders including that of ICI Pakistan.

The acquisition is set at an aggregate price of $56.6 million which translates to approximately $2.07/- per share, said ICI Pakistan in its notice sent to the Pakistan Stock Exchange (PSX) on Thursday.

NMPL was a joint venture between ICI Pakistan, Morinaga Milk and Unibrands (Private) Limited to locally manufacture and distribute nutritional formula products, and was recently merged with NutriCo Pakistan (Private) Limited, which was involved in the import and distribution of select products of Morinaga Milk.

The notice read that the Board of Directors of ICI Pakistan has granted an in-principle approval to ICI Pakistan to move forward with the proposed sale/ divestment of 26.5% of its shareholding in NMPL (i.e. partial divestment) to Morinaga Milk, subject to, inter alia, valuation of NMPL and the finalization of definitive agreements, to be presented to the Board of Directors for formal/final approval, if deemed fit by the Board.

ICI Pakistan has also been authorized to enter into a memorandum of understanding for the proposed transaction.

“The offer from Morinaga Milk is a testament to Morinaga Milk's confidence in the Pakistan market and the potential of NMPL to grow and cater to the growing nutritional needs of the children of Pakistan,” read the notice.

“As the owners of the ‘Morinaga' brand, know-how to manufacture the products along with its superior research & development facilities, Morinaga Milk is well-equipped to accelerate the growth of NMPL with the support of ICI Pakistan as a continuing joint venture partner (which shall continue to hold approximately 24.5% of the share capital of NMPL upon the completion of the proposed transaction),” it said.

Moreover, Moringa Milk Industry in its filing to the Tokyo Stock Exchange on Thursday said that the company has been exporting infant and toddler milk to Pakistan since 1978 and sees the South Asian country as an attractive market, boasting the fifth-largest population in the world, with continuing population growth forecast.

“Moreover, the Morinaga Milk Industry brand has gained broad recognition in Pakistan over many years through the export business, giving the Company a high chance of achieving further rapid growth in the Pakistan market.

“By acquiring management control over NutriCo Morinaga ... the company considers that it will be able to capture growth opportunities, leading to the further development of the Morinaga Milk Industry brand infant and toddler milk business in Pakistan and contributing to the growth and health of the consumers of the Company products,” it said.

Back in 2020, NutriCo Morinaga (Private) Limited commenced commercial operations of growing-up formula products at its manufacturing facility in Sheikhupura, Punjab.

At a cost of Rs5.5 billion, the manufacturing facility was the first asset investment by a global Japanese dairy and food company in Pakistan.

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