Kohinoor Mills Limited (KML), a Pakistani yarn exporter, is set to expand its global footprint with the establishment of a wholly-owned subsidiary in the United States.
The move is aimed at enhancing the company’s presence in international textile markets through e-commerce and related technologies, KML said in its latest notice to the Pakistan Stock Exchange (PSX).
“The Board of Directors of the company has accorded its approval for the establishment of a wholly-owned subsidiary company in the USA subject to applicable regulatory approvals and in compliance with the laws of US,” read the notice.
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The company’s board has also recommended the subdivision of KML’s shares to enhance market liquidity, improve investor accessibility, and broaden the shareholder base.
“It is proposed that the face value of each ordinary share be changed from Rs10 to Rs1, thereby increasing the number of shares accordingly without altering the total amount of paid-up / authorised capital,” it said.
Following the subdivision, the subscribed and paid-up capital of the company, currently comprising 50,911,011 ordinary shares of Rs10 each, will be subdivided into 509,110,110 ordinary shares of Rs1 each.
“This move is expected to encourage wider investor participation and strengthen the company’s presence in the equity market,” it said.
The company also shared that its newly established garment unit, having built infrastructure for manufacturing 17,000 garments per day per shift, is expected to be completed in the first quarter of the ongoing financial year, i.e. by September 30, 2025.
“In the first phase, production with an estimated capacity of 5,000 garments per day per shift will be started. This will enable the company to reap the benefits of vertical integration. The apparel division will complement the dyeing division of the company by offering finished products to the customers,” it said.
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