Gul Ahmed announces to hive off its local business into a wholly-owned subsidiary

KARACHI: Famous men’s and women’s apparel brand Gul Ahmed on Wednesday announced to hive off its local business into a wholly-owned subsidiary, said a notification sent to the Pakistan Stock Exchange by the company. 

The notification further elaborated: “The Board of Directors of Gul Ahmed Textile Mills Ltd. authorized the company to formulate and propose the terms for a carve-out / hive-out of its local business segment (including retail business along with related assets) into a wholly-owned subsidiary and upon finalization of the same by the management, be presented to the Board of Directors for their consideration.

Furthermore, the company has also been authorized to incorporate a wholly-owned subsidiary for the purposes of the above and to appoint legal, financial and such other advisors and consultants as may be required for the purposes of the above.”