Sapphire Textile Mills Limited has announced the acquisition of a minority shareholding in RTS Textiles Group Limited, a company based in England and Wales, specialising in the production and sale of workwear fabrics globally.
The company shared this development through a notification to the Pakistan Stock Exchange (PSX) on Tuesday in accordance with sections 96 and 131 of the Securities Act, 2015 and clause 5.6.1(a) of the Rule Book of the PSX.
“We write to disclose that Sapphire Textile Mills Limited (“Company”) has entered into agreements for the acquisition of a minority shareholding in RTS Textiles Group Limited (“RTS Textiles Group”), a company incorporated and registered in England and Wales. RTS Textiles Group specializes in the manufacture and sale of work wear fabrics globally,” read the notice.
The deal is subject to the approval of necessary corporate and regulatory bodies, and the company may acquire the shares either directly or through a subsidiary.
The partnership is expected to provide synergies in manufacturing, marketing, and research and development, boosting both customer value and exports from Pakistan. This acquisition aligns with Sapphire’s strategy to expand its global footprint and strengthen its position in the textile industry.
Sapphire Textile was incorporated on March 11, 1969 as a public limited company under the Companies Act, 1913 (now the Companies Act, 2017). The company is principally engaged in manufacturing and sale of yarn, fabrics, home textile products, finishing, stitching and printing of fabrics.
