Karachi: This is to inform you that meeting of the Board of Directors of the Company was held on Tuesday, June 07, 2011 at 11:30 A.M. at Mills premises 1 K.M Khurranwala Jaranwala Road Faisalabad, to consider the modality of “Joint Venture” with an American Company for transacting textile exports business in USA, Mexico, Canada and Europe.
We are pleased to inform hereby that the Board after Detailed discussion has given approval for entering into a “Joint Venture” with Natco Home Fashions, two subject to necessary regulatory approvals. The Natco Home Fashions, Inc. was founded in 1917 and is engaged in the manufacturing and supply of home furnishing products in the USA and Canada. The following are the salient features of the “Joint Venture”
1. The Joint Venture will conducted business through two companies one incorporated in USA and the second incorporated in Pakistan (as a sourcing arm) to be formed by the parties Amtex and Natco Home Fashions, Inc with equal shareholders voting rights.
2. The both companies to be incorporated will be associated concerns of Amtex Limited. The Board of each company will companies four directors. The two directors will be from Amtex and two directors will be from Natco. It has been resolved that Mr. Khurram Iftikhar and Mr. Nadeem Iftikhar, directors of Amtex Limited, will represent Amtex on the Board of both companies.
3. The headquarter of USA based company will be in Providence, Rhode Island and Main Office in Pakistan will be in Lahore or Faisalabad (to be decided later considering the JV business requirements).
4. The Joint Venture will market and sell bedding, window curtains, tabletop, slipcover and decorative pillows to existing and new customer of Natco and Amtex in the United States, Canada, Mexico and Europe.
5. The Joint Venture is targeting annual exports business of US$ 500 million within a span of five years depending upon the performance of sourcing office in Pakistan.
We are hoping that this Joint Venture will bring laurels not only for Amtex Limited in particular, but also will prove a national achievement for the textile industry of Pakistan and will help to boost the textile exports of the country, especially in the midst of current challenging economic environment.
For more information, contact:
Amtex The Textile Experts
Tel: +9241 4361724 (6 Lines)
Fax: +9241 4361726 and 27