Karachi : The Board of Directors of Mian Textile Industries Limited in its meeting held today has approved investment of PKR13.50 million in Trukkr (Private) Limited for purchase of 5 percent equity of its total paid up share capital. Trukkr (Private) Limited is Pakistan's first online logistics management and trucking platform that matches carriers with shippers. The one window portal of Trukkr (Private) Limited gives a complete transportation management system, cost efficiencies, savings, deep analytics, Complete visibility, transparency and accountability.
Mian Textile is recently bought by a Karachi based Entrepreneur Danish Elahi who has history of making successful investments. Danish Elahi is also a one of few investors who have taken bet and TRG growth story and has made good return for taking such a risk.
Trukkr (Private) Limited currently has more than 10,000 downloads of its android app. Trukkr business has got valuation of Rs270 million as 5% of stake is sold for Rs13.5mn. From long term perspective Trukkr business align with MTIL future plans of establishing warehouses across pakistan.
A L S O || R E A D
Pakistan Stock Exchange has placed Mian Textile on Defaulter’s Segment based on suspended commercial production/business operations in its principle line of business for a continuous period of one year.
In recent meeting share-holders approved that that operation of manufacturing unit is not viable and unit be closed down. The Chief Executive has been authorized to sell all the fixed assets comprising of Land, Building and other remaining spinning Plant and Machinery so as to pay out the outstanding loans of banks and directors and their family members.
In 2017 the company has rental income for leasing out building from July 2016 to January 2017. Whereas in 2018 the industrial building remained vacant throughout the year and there was no leasing income. In 2019, trading business was conducted where sales are amounting to PKR2.116 million (2018: PKR18.957 million).
After payment of outstanding liabilities of all the banks/financial institutions, the company during the year has also managed to pay major amount of loans from directors/their family members & associates through sale of assets held for sale as approved by the shareholders. The Company intended to do viable trading business mainly in textile products. But in view of present aggravated condition of economy, the trading business does not seem profitable.
A L S O || R E A D
As the company shut down its principle line of business for almost last 3 years and started trading of vehicles for last 2 years. In this regard, the company was searching of new interested buyer to take over the major shareholding of the company and merge into this company. In past, several companies showed their interest but it didn't went successful.
Finally, M/s Elahi Group of Companies showed his interest of acquiring major shareholding of the company and run the business with diversifying the business into Warehousing and Bonded facilities. In addition to it, the sponsor will take actionable measures and improve the financial position of the company in near future.