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Pakistan

DLL selling ‘Lawrencepur’ brand as textile sector deteriorates

The brand is being sold at a price of Rs81.5 million as against the independent valuation of Rs78.1 million conduct
18 Dec 2019
  • The brand is being sold at a price of Rs81.5 million as against the independent valuation of Rs78.1 million conducted by Messrs Edessa Consulting.
  • The company has changed its business interest from textile to renewable energy due to the continual adverse trend seen in the textile sector.

The Dawood Lawrencepur Limited (DLL) board of directors has approved to sell its ‘Lawrencepur’ brand to Sach International (Private) Limited.

In a notification issued to the Pakistan Stock Exchange (PSX), DLL informed that its board of directors in a meeting held on December 16, 219, have approved the disposal of ‘Lawrencepur’ brand to Sach International (Private) Limited, an associate company, at a price of Rs81.5 million as against the independent valuation of Rs78.1 million conducted by Messrs Edessa Consulting.

The company said that the decision is subject to the approval of the shareholders in the forthcoming general brand.

Giving the rationale behind the decision the company said that for nine years, the company has changed its business interest from textile to renewable energy due to the continual adverse trend seen in the textile sector. “Therefore, due to the deterioration of ‘Lawrencepur’ brand’s market worth and with the intention to safeguard shareholders’ return, the Board of Directors has decided to dispose of the brand,” read the notification.

Over the year the company has closed down its textile business. The Lawrencepur Woollen and Textile unit was shut down in 2013. “Since then the Brand was not used by the Company and is deteriorating its value. In order to preserve the Brand Value, the Company has decided to sell the Brand to its associated company at an independent valuation carried out by the evaluator, as approved by the shareholders.”

The associated company is engaged in the business of selling fabric and stitched garments under the Brand name of ‘Lawrencepur’.

The company added that the proceeds from the disposal of ‘Lawrencepur’ brand will be invested in renewable energy and related businesses carried by the company and will seek to maximize shareholders’ return, the notification read